BBSI appoints Joseph Clabby as new board chairman

VANCOUVER, Wash. - Barrett Business Services, Inc. (NASDAQ: BBSI), a leading professional employer organization with a market capitalization of $1.07 billion, announced today that Joseph S. Clabby has been named Chairman of the Board of Directors, succeeding Tony Meeker, who will remain on the board. Clabby, who joined the board in 2022 and was named Vice Chairman in December 2024, brings extensive industry experience to his new role, including senior executive positions at ACE Limited and Chubb. According to InvestingPro data, BBSI maintains a strong financial position with more cash than debt on its balance sheet.

Meeker, who has been a board member since BBSI went public in 1993, expressed confidence in Clabby’s leadership abilities and industry knowledge. Clabby’s appointment comes as BBSI continues to expand its business management solutions and services across the United States, serving over 8,100 PEO clients nationwide. The company has demonstrated solid performance with an 8.41% revenue growth over the last twelve months and has maintained dividend payments for 20 consecutive years.

The company’s unique operational platform offers a blend of human resource outsourcing and professional management consulting, covering areas such as payroll processing, employee benefits, workers’ compensation, risk management, and HR administration. BBSI’s approach aims to enhance operational efficiency for businesses of various sizes.

The transition in leadership marks a continuation of BBSI’s strategic efforts to build upon its strong foundation and growth trajectory. The Vice Chairman position, previously held by Clabby, will not be filled at the current time.

This update is based on a press release statement from Barrett Business Services, Inc.

In other recent news, Barrett Business Services Inc. reported a net loss per diluted share of $0.04 for the first quarter of 2025, compared to a loss of $0.01 the previous year. Despite the loss, gross billings rose by 9.5% to $2.09 billion, driven largely by a 10% increase in their Professional Employer Organization (PEO) segment. However, the company faced a 10% decline in staffing revenues, bringing in $18 million. Barrett maintained a strong cash position with $99 million in unrestricted cash and no debt, while also repurchasing $9 million in shares. The company continues to expand its operations, opening new locations in Chicago, Dallas, and Nashville. Barrett’s management remains cautious about the economic outlook but is optimistic about growth in the PEO market. The company is also enhancing its technology offerings and expanding its benefits products, which have shown positive traction. Analysts from firms like CJS Securities and ROTH Capital Markets have noted the company’s strategic moves and cautious approach amid economic uncertainties.

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