Diligent Board Member Services, the governance software developer, named former McKinsey partner Brian Stafford as its president and chief executive, replacing Alex Sodi.

Stafford, who founded and led McKinsey's growth tech practice which primarily focused on software-as-a-service companies, starts immediately, the New York-based company said in a statement. Sodi will remain on the company's board and will focus on the design and development of Diligent's products as chief product strategy officer, reporting to Stafford, it said.

Part of Sodi's focus will be on the development and successful launch of the company's new DiligentTeams product, scheduled for release in the third quarter of this year. Sodi has said the new product will let companies use the firm's workflow and security software to improve collaboration. It will be separate, but complementary, to the BoardBooks tool, he said.

Shares in Diligent last traded at $5.40, and have advanced 2.7 percent so far this year.