Insperity, Inc. (NYSE: NSP), a leading provider of human
resources and business performance solutions for America’s best
businesses, today announced that its executive vice president of
finance, chief financial officer and treasurer, Douglas S. Sharp,
has elected to retire on November 15, 2024, after having served as
the chief financial officer of Insperity for 21 years.
Insperity also announced the appointment of James D. Allison as
Mr. Sharp’s successor, which will also be effective on November 15,
2024. Mr. Allison, who currently serves as executive vice president
of comprehensive benefit solutions and chief profitability officer,
first joined Insperity in 1997 and worked in various roles of
increasing responsibility in its finance department until 2011. Mr.
Allison was promoted to Senior Vice President of Pricing and Cost
Analysis in 2011. In 2018, in connection with a further promotion,
he assumed responsibilities for the company’s gross profit drivers,
including pricing, benefit plans, retirement solutions, and
workers’ compensation programs. Prior to joining Insperity, Mr.
Allison, a certified public accountant, was an auditor for Ernst
& Young LLP.
Insperity expects that Mr. Allison will retain oversight of the
business functions that he currently leads while also adding the
responsibilities of his new role.
“Doug has played a key role in helping Insperity deliver growth
and profitability over the past two decades,” said Paul J. Sarvadi,
the company’s chairman and chief executive officer. “On behalf of
the Board of Directors and our management team, I want to express
our sincere appreciation to Doug for his dedication to the success
of Insperity over these many years, and we wish him the very best
in his well-earned retirement. I am also pleased that Jim will
succeed Doug as CFO, which I believe is a testament to our
succession planning. I am confident that Jim is the right leader
for this role as we focus on the future of our business and
consolidate our gross profit operations and finance departments
under a single executive officer.”
Mr. Sharp stated, “It has been a great honor to have served as
Insperity’s CFO for these years and I am proud of the difference
that Insperity has made for thousands of small and medium-sized
businesses and the communities in which they operate.” Mr. Sharp
further noted, “Having had the privilege of working directly with
Jim for my entire 25 years at Insperity, I believe that his deep
understanding of the company’s business and our industry, along
with his strong financial and senior leadership experience, will
enable him to help the company to capitalize on the opportunities
that lie ahead.”
In addition, Sean P. Duffy will be promoted to senior vice
president of finance and accounting, and will oversee the company’s
accounting, financial reporting, tax, investment and cash
management, and certain other functions. Since first joining
Insperity in 2002, Mr. Duffy has held positions of increasing
responsibility within the company’s finance department. Mr. Duffy
has served as vice president of finance and controller since 2011,
in which position he reported to Mr. Sharp and worked extensively
with senior management, including Mr. Allison, on financial and
accounting matters. Prior to joining Insperity, Mr. Duffy, a
certified public accountant, was an auditor for Arthur Andersen
LLP.
About Insperity
Since 1986, Insperity’s mission has been to help businesses
succeed so communities prosper. Offering the most comprehensive
suite of scalable HR solutions available in the marketplace,
Insperity is defined by an unrivaled breadth and depth of services
and level of care. Through an optimal blend of premium HR service
and technology, Insperity delivers the administrative relief,
reduced liabilities and better benefit solutions that businesses
need for sustained growth. With 2023 revenues of $6.5 billion and
more than 90 offices throughout the U.S., Insperity is currently
making a difference in thousands of businesses and communities
nationwide. For more information, visit
http://www.insperity.com.
Forward-Looking Statements
The statements contained herein that are not historical facts
are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. You can identify such forward-looking
statements by the words “anticipates,” “expects,” “intends,”
“plans,” “projects,” “believes,” “estimates,” “likely,” “possibly,”
“probably,” “could,” “goal,” “opportunity,” “objective,” “target,”
“assume,” “outlook,” “guidance,” “predicts,” “appears,” “indicator”
and similar expressions. Forward-looking statements involve a
number of risks and uncertainties. In the normal course of
business, in an effort to help keep our stockholders and the public
informed about our operations, from time to time, we may issue such
forward-looking statements, either orally or in writing. Generally,
these statements relate to business plans or strategies, including
our strategic partnership with Workday, Inc.; projected or
anticipated benefits or other consequences of such plans or
strategies; or projections involving anticipated revenues,
earnings, average number of worksite employees, benefits and
workers’ compensation costs, or other operating results. We base
these forward-looking statements on our current expectations,
estimates and projections. We caution you that these statements are
not guarantees of future performance and involve risks,
uncertainties and assumptions that we cannot predict. In addition,
we have based many of these forward-looking statements on
assumptions about future events that may prove to be inaccurate.
Therefore, the actual results of the future events described in
such forward-looking statements could differ materially from those
stated in such forward-looking statements. Among the factors that
could cause actual results to differ materially are: (1) adverse
economic conditions; (2) failure to comply with or meet client
expectations regarding certain COVID-19 relief programs; (3) bank
failures or other events affecting financial institutions; labor
shortages, increasing competition for highly skilled workers, and
evolving employee expectations regarding the workplace; (4) impact
of inflation; (5) vulnerability to regional economic factors
because of our geographic market concentration; (6) failure to
comply with covenants under our credit facility; (7) impact of a
future outbreak of highly infectious or contagious disease; (8) our
liability for WSEE payroll, payroll taxes and benefits costs, or
other liabilities associated with actions of our client companies
or WSEEs, including if our clients fail to pay us; (9) increases in
health insurance costs and workers’ compensation rates and
underlying claims trends, health care reform, financial solvency of
workers’ compensation carriers, other insurers or financial
institutions, state unemployment tax rates, liabilities for
employee and client actions or payroll-related claims; (10) an
adverse determination regarding our status as the employer of our
WSEEs for tax and benefit purposes and an inability to offer
alternative benefit plans following such a determination; (11)
cancellation of client contracts on short notice, or the inability
to renew client contracts or attract new clients; (12) the ability
to secure competitive replacement contracts for health insurance
and workers’ compensation insurance at expiration of current
contracts; (13) regulatory and tax developments and possible
adverse application of various federal, state and local
regulations; (14) failure to manage growth of our operations and
the effectiveness of our sales and marketing efforts; (15) the
impact of the competitive environment and other developments in the
human resources services industry, including the PEO industry, on
our growth and/or profitability; (16) an adverse final judgment or
settlement of claims against Insperity; (17) disruptions of our
information technology systems or failure to enhance our service
and technology offerings to address new regulations or client
expectations; (18) our liability or damage to our reputation
relating to disclosure of sensitive or private information as a
result of data theft, cyberattacks or security vulnerabilities;
(19) failure of third-party providers, such as financial
institutions, data centers or cloud service providers; (20) our
ability to fully realize the anticipated benefits of our strategic
partnership and plans to develop a joint solution with Workday,
Inc.; and (21) our ability to integrate or realize expected returns
on future product offerings, including through acquisitions,
strategic partnerships, and investments. These factors are
discussed in further detail in Insperity’s filings with the U.S.
Securities and Exchange Commission. Any of these factors, or a
combination of such factors, could materially affect the results of
our operations and whether forward-looking statements we make
ultimately prove to be accurate.
Any forward-looking statements are made only as of the date
hereof and, unless otherwise required by applicable securities
laws, we undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240827186853/en/
Investor Relations Contact: Douglas S. Sharp Executive
Vice President of Finance, Chief Financial Officer and Treasurer
(281) 348-3232 Investor.Relations@Insperity.com
News Media Contact: Cynthia Murga Director of Public
Relations 713-324-1414 Media@Insperity.com
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