Stride forms capital committee, names two new directors

Stride, Inc. (NYSE: LRN) is forming a new Capital Allocation Committee to evaluate the company's capital structure and capital allocation priorities, a move announced alongside the appointment of two new directors to its board. The committee will be co-chaired by independent directors Brian Shepherd and Dylan Haggart.

Stride disclosed that Dr. Steven Guttentag and Dylan Haggart will be appointed to the Board of Directors this quarter. Haggart is the founder, managing partner, and chief investment officer of Fivespan Partners, LP, which the company identified as a significant shareholder. Guttentag most recently served as chief executive officer of EPS Learning.

The Capital Allocation Committee's initial review involves soliciting input from shareholders on capital allocation priorities and incorporating that feedback into its recommendations. Stride expects to complete this initial review within the next three months. Following the review, the company plans to publicly announce its target capital structure and a framework for allocating future cash flows to maximize long-term value.

In connection with these announcements, Stride entered into a cooperation agreement with Fivespan Partners. The company stated that this agreement will be filed on Form 8-K with the U.S. Securities and Exchange Commission. Steven B. Fink, the independent chairman of Stride's board, said the new appointments bring complementary perspectives to strengthen the board's capabilities under the leadership of Bob Knowling, Stride's new CEO.

Fink noted that Guttentag has spent more than 30 years designing technology-based solutions for K-12 education, while Haggart brings an investor's perspective and expertise in capital allocation and governance. Haggart expressed respect for Stride's pioneering role in its market and its long-term growth potential, particularly its ability to serve students and families not well-served by traditional school settings.

Guttentag began his career as a classroom teacher and previously served as CEO of Reading Plus until its sale to Dreambox Learning in 2021. He co-founded Connections Education, which was acquired by Pearson in 2011, and later served as president of Pearson Online & Blended Learning from 2014 to 2018. Haggart founded Fivespan in 2023 after serving as a partner at ValueAct Capital from 2013 to 2023. He has served as an independent director of Seagate Technology since 2018 and previously served on the board of Fiserv from 2022 to 2024.

Stride serves learners in primary, secondary, and postsecondary settings across all 50 states and over 100 countries. The company's 2026 Annual Meeting of Stockholders is scheduled for December 10, 2026.