Cornerstone OnDemand Nominates Three Accomplished Software Industry CEOs to Board of Directors and Names New Chair
Addition of Elisa Steele as company’s first independent board chair, along with Richard Haddrill and Marcus Ryu as directors, will contribute valuable strategic, operational and corporate governance expertise to Cornerstone’s board of directors
SANTA MONICA, Calif. – May 8, 2018 – Cornerstone OnDemand (NASDAQ:CSOD), a global leader in cloud-based learning and human capital management software, today announced it has nominated Elisa Steele, Richard Haddrill and Marcus Ryu for election to its board of directors following an extensive search conducted by its independent nominating and corporate governance committee. These candidates will be placed on the ballot for election at Cornerstone’s annual meeting on June 14, 2018. Once elected to the board, Steele will serve as chair of the board.
Elisa Steele is a proven enterprise software executive and a respected sales and marketing leader. She most recently served as CEO of Jive Software, a communication and collaboration software company, until its acquisition by Aurea in June 2017. Prior to Jive, Steele held positions as the corporate vice president and chief marketing officer of Consumer Apps and Services at Microsoft, the chief marketing officer at Skype and the executive vice president and chief marketing officer at Yahoo!. She currently serves on the board of Splunk Inc. Steele will join Joe Osnoss as the second of Silver Lake’s two director nominees, granted by the investment agreement between Silver Lake and Cornerstone. The board unanimously selected Steele to serve as Cornerstone’s first independent chair of the board, consistent with corporate governance changes announced earlier this year.
Richard Haddrill will bring decades of management and corporate governance experience to Cornerstone, as well as insight into both software and content markets. Haddrill is the vice chairman of Scientific Games Corporation, a provider of technology-based products and services for gaming and lottery organizations. He has served on the board of six public companies and three venture-backed private companies, including enterprise software firms JDA Software and OutlookSoft. Haddrill previously served as the CEO and a director of Bally Technologies, Manhattan Associates and Powerhouse Technologies.
Marcus Ryu, a Software-as-a-Service (SaaS) industry leader and entrepreneur, is the CEO of Guidewire Software Inc. (NYSE: GWRE), which he co-founded in 2001. Guidewire is the leading provider of core system software for the Property and Casualty (P&C) insurance industry. Ryu previously served on the board of MuleSoft, recently acquired by Salesforce.com. Prior to Guidewire, Ryu worked at Ariba, a cloud-based enterprise marketplace acquired by SAP in 2012, and at McKinsey & Company.
Comments on the News
“Elisa Steele, Dick Haddrill, and Marcus Ryu stood out as exceptional candidates among dozens of qualified individuals recommended by shareholders and others,” said Joe Osnoss, chair of Cornerstone’s nominating and corporate governance committee whose members also include directors Dean Carter and Robert Cavanaugh. “We believe that they bring critical and complementary skills to Cornerstone’s board as the company executes on its strategic plan.”
“Strengthening corporate governance is key to our strategic plan, and the board has done an exceptional job selecting three extraordinary business leaders who will bring highly relevant experiences and insights to the company,” said Adam Miller, founder and CEO of Cornerstone OnDemand. “I look forward to working with, and learning from, them as the company advances to its next level of growth.”
“I am honored by the opportunity to join the board of Cornerstone, which is leading the industry with its innovative solutions,” said Elisa Steele. “I believe there is further upside and this is a pivotal phase for the company. While there is always more to be done, I feel confident about the company’s strategic direction.”
“Joining Cornerstone’s board of directors is a great opportunity for me to share my expertise in helping businesses scale,” said Richard Haddrill. “I look forward to supporting Cornerstone along its path of continued growth and improved margins.”
“Cornerstone has been a pioneer in the cloud software space and has built an impressive client roster in a competitive domain,” said Marcus Ryu. “I am gratified to be nominated to its board, and hope to contribute my experience to the success of its next chapter.”
Cornerstone is a premier people development company. We believe people can achieve anything when they have the right development and growth opportunities. We offer organizations the technology, content, expertise and specialized focus to help them realize the potential of their people. Featuring comprehensive recruiting, personalized learning, modern training content, development-driven performance management and holistic employee data management and insights, Cornerstone’s people development solutions are used by approximately 7,000 clients of all sizes, spanning more than 75 million users across over 180 countries and 50+ languages. Learn more at www.cornerstoneondemand.com.