Research Reports

Key takeaways

Toby Williams was appointed to the Board as a Class II director, effective immediately, with a term expiring at the 2026 Annual Meeting.

The Board size was increased from nine to ten directors to accommodate the appointment of Mr. Williams.

Directors Colette Pierce Burnette and Aaron Clark will not stand for reelection at the 2026 Annual Meeting.

Following the 2026 Annual Meeting, the Board approved a reduction in size from ten to eight directors.

Mr. Williams will receive a $300,000 initial RSU award and a $35,000 annual cash retainer.

Full analysis

Toby Williams, age 52, brings significant executive leadership experience to the Board, currently serving as President and CEO of Paylocity Holding Corporation. His background includes roles as CFO and Co-CEO at Paylocity, as well as positions at Ellucian, Paychex, and Citigroup. The Board determined he qualifies as "independent" under NYSE rules. Concurrently, the disclosure that Colette Pierce Burnette and Aaron Clark will not stand for reelection at the 2026 Annual Meeting results in a net reduction of the Board from nine to eight directors following the meeting. This restructuring suggests a strategic consolidation of the Board's composition.

LAW · CS Disco, Inc.

Summary

Key takeaways

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