Changes Come as new CEO David Sacks Reshapes Company
SAN FRANCISCO, CA — Zenefits, the nation’s leading HR automation platform for small businesses, today announced the addition of three well-known investors to its Board of Directors. Antonio Gracias, founder and Managing Partner of Valor Equity Partners; Bill McGlashan, founder and Managing Partner of TPG Growth; and Peter Thiel, co-founder of PayPal and of Founders Fund, have joined the Zenefits Board of Directors. Gracias, McGlashan, and Thiel join the board with existing Directors: David Sacks, Zenefits’ newly appointed CEO; Laks Srini, Zenefits co-founder and CTO; and Lars Dalgaard, general partner at Andreessen Horowitz.
“We are pleased that three such well-regarded business and technology visionaries have agreed to join our Board,” said David Sacks, Zenefits’ newly appointed CEO. “Antonio, Bill, and Peter bring to the Board the experience needed to guide the company during its next phase of development, as it evolves into a large organization at the forefront of its industry.”
All three new directors have years of board experience. Gracias is a director of several current and former Valor portfolio companies, including Tesla Motors, for which he serves as Lead Independent Director, Space Exploration Technologies (SpaceX), Marathon Pharmaceuticals, Solar City, and Porch.com.
Founded in 2007 by Bill McGlashan, TPG Growth is a fully integrated global growth investment platform with over $7 billion in assets under management and investments throughout North America, China, India and Southeast Asia. TPG Growth has invested and partnered with leading technology companies including Airbnb, Uber, Survey Monkey, Success Factors, Box, and Domo. McGlashan currently serves as chairman of the board of XOJET, co-chairman of the board of Fender Musical Instruments, and on the boards of STX Entertainment, Evolution Media Partners, e.l.f. Cosmetics, and CAA, among others. Previous board director roles include Survey Monkey and Success Factors.
Thiel’s Founders Fund is invested in such companies as Spotify, Lyft, and Airbnb. Thiel serves as chairman of the board of Palantir Technologies. TPG and Founders Fund are currently investors in Zenefits.
Zenefits is the leading cloud HR automation platform. Our mission: to make it effortless to manage your business and employees. Zenefits connects with (or helps you set up) your payroll, benefits, and other HR systems, so you can manage all your HR online, in one beautiful dashboard. After that, Zenefits doesn’t just get rid of paperwork; it gets rid of the work itself through HR automation. What used to take weeks — checking compliance boxes, updating payroll, on-boarding new hires, enrolling in health insurance — Zenefits now automatically handles for you and your employees. Zenefits does this without disruptive switching of legacy systems, for over 10,000 small-and medium-sized businesses across the United States. Zenefits was co-founded by Parker Conrad and Laks Srini. For more information, visit www.zenefits.com or follow Zenefits on Twitter: @Zenefits.