Professional employer organization Insperity Inc. (NYSE: NSP) will appoint former Paychex CFO John Morphy to its board as part of a settlement agreement with Starboard Value LP, Insperity’s largest stockholder. Starboard last year had outlined suggestions aimed at creating shareholder value that include possibly selling the company.

Morphy most recently was senior VP, CFO, secretary and treasurer of Paychex Inc. (NASD: PAYX) from October 1996 until June 2011, at which time he was appointed VP of finance at Paychex until he retired in January 2012.

In addition, Insperity will appoint an additional independent director as part of the agreement and will work to hold its annual meeting on or before July 8.

“The addition of two new directors, including Mr. Morphy, who brings more than 20 years of financial leadership experience including 15 years as the CFO of Paychex, will provide additional insights and expertise as the company continues to execute its strategy focused on profitable growth,” said Peter Feld, managing member, portfolio manager and head of research of Starboard Value LP.