After a year under David Sacks, who took control of Zenefits on an interim basis after founder/CEO Parker Conrad stepped down, the health benefits broker has chosen Jay Fulcher as its CEO. Fulcher joins with over 15 years of experience in senior roles at tech companies such as SAP, Agile Software and Ooyala, a video platform and media logistics company where he most recently worked as CEO.
News broke in December that Sacks planned to step down, but at the time no immediate successor was selected. Conrad left last February amid reports the company was skirting insurance laws.
Founded in 2013, Zenefits was once a Silicon Valley success story. It graduated from the Y Combinator accelerator, raised millions in VC and grew its user base at a staggering pace—although now it’s known that growth was fueled via questionable methods. The company's valuation hit $4.5 billion in 2015 with a round exceeding $500 million, but it's rumored that figure has since been slashed to somewhere closer to $2 billion.