Reference Equity Calls on CBIZ to Suspend Share Repurchases and Restart M&A Strategy

Shareholder argues equity-financed M&A will strengthen CBIZ’s competitive position, reduce balance sheet risk, and deliver attractive returns; releases proposal at cbizflywheel.com

DENVER, July 07, 2026 (GLOBE NEWSWIRE) -- Reference Equity, a shareholder of CBIZ, Inc., today released a letter and accompanying presentation delivered to the Company's Board of Directors and management, calling on CBIZ to suspend share repurchases and restart its acquisition program.

Reference Equity has a differentiated perspective on capital allocation, evaluating options across three dimensions: returns, risk, and strategic support. While many investors focus only on returns, balancing all three is essential to long-term shareholder value.

Reference Equity has strong conviction in CBIZ's business model, culture, and management, and its proposal is designed to reinforce and extend the Company's core strengths. M&A is a central pillar of CBIZ's long-term strategy: acquisitions strengthen the franchise by adding scale and capabilities, create growth and advancement opportunities for employees, and drive margin expansion through corporate synergies.

Therefore, Reference Equity urges CBIZ to:

Suspend share repurchases. While Reference Equity agrees that CBIZ shares are undervalued, repurchases do not advance the Company’s strategic objectives and leave the balance sheet overleveraged.
Restart M&A, funded with equity. Financing near-term acquisitions with equity would allow CBIZ to return to growth while simultaneously deleveraging.
Reposition for the next decade. Raising equity capital will allow CBIZ to lead consolidation in an AI-disrupted industry, create capacity for internal reinvestment, and fund future growth.

"CBIZ has the corporate development capability and demonstrated integration playbook to lead consolidation in its industry. Today, however, CBIZ is constrained by its capital structure. We are asking the Board to suspend buybacks and raise equity capital to protect CBIZ’s competitive position and seed the next decade of growth," said Ryan Bunn, Reference Equity portfolio manager.

The full letter and the Restarting the M&A Flywheel presentation are available at cbizflywheel.com for review.

About Reference Equity

Reference Equity constructs Global & International Small Cap equity portfolios based on a fundamental Quality | Value philosophy.

Disclosure

Reference Equity is a shareholder of CBIZ, Inc. This document reflects the opinions of Reference Equity, is based on publicly available information, and does not constitute investment advice or a solicitation of any vote, proxy, or consent. It contains forward-looking statements that reflect current judgment and assumptions; actual results will differ.

Contacts

Ryan Bunn
Reference Equity
ryanbunn@referenceequity.com
www.referenceequity.com

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