February8,2016

Formoreinformation,contact:
JessicaHoffman,VPofCommunications,
5103018181
jhoffman@zenefits.com

KennethBaer,2027016229
ken@crosscutstrategies.com

ZENEFITSNAMESDAVIDSACKSCEO

SANFRANCISCO,CAZenefits,thenationsleadingHRautomationplatformforsmall
businesses,todayannouncedthatDavidSackshasbeennamedChiefExecutiveOfficer,
succeedingthecompanysfounderParkerConrad,whohasagreedtostepdownasCEOanda
DirectoroftheCompany.

SacksjoinedZenefitsayearagoasChiefOperatingOfficer,havingpreviouslyservedasthe
founderandCEOofYammer,asthefirstChiefOperatingOfficerofPayPal,andasanearly
investorinsuchcompaniesasFacebook,UberandAirbnb.TheBoardofDirectors,which
includescofoundersConradandLaksSrini,madetheunanimousdecisiontoappointSacks
CEO.

DavidisastrongleaderwhowilltakeZenefitstothenextstageofdevelopment,asitevolves
fromastartuptoalargescalenationalleader,Conradsaid.Iamimmenselyproudofthe
organizationwehavebuiltandtheindustrywideimpactwevehadbutrecognizethatour
companysmanagementinfrastructureandpolicieshaventkeptpacewithourmeteoricgrowth.
Elevatingastrongmanagementhandwithsuccessfulexperienceandimpeccablecredentialsis
withoutadoubtinthebestinterestsofthecompanyatthistime.

IamexcitedbythisopportunitytoleadZenefitsandbuildonitslegacyasanationalleaderin
HRtechnology,especiallyforsmallbusinesses,Sackssaid.Iamalsocommittedtoa
toptobottomreviewtoensurebestinclasscorporategovernance,compliance,and
accountabilitytoourcustomers,employees,andotherkeyconstituencies."

Sackssaidthatthecompanyistakingaseriesofstepstostrengthenitsinternalpolicies,
proceduresandcontrols,includingtheappointmentofitsfirstChiefComplianceOfficer.
JoshuaStein,aformerfederalprosecutorandaVPofLegalatthecompany,hasbeennamed
ChiefComplianceOfficerofthecompany.Inhisnewrole,Steinischargedwithensuringthat
Zenefitsisincompliancewithallrulesandregulations.

SteinwillcontinuetooverseeacomprehensivereviewthatZenefitsbeganlastyearbyaBig
Fouraccountingandconsultingfirmtoassessthecompanysoperations,processesandpolicies
relatedtobrokerlicensingcompliance.Aspartofthisprocess,thecompanyisinregular
communicationwiththedepartmentsofinsuranceinall50states.

Zenefitsgoalistocreatebestinclasscompliance,andIhaveeveryconfidencethatJoshwill
bringthesamerigortoourcomplianceprocessashebroughttohispreviousjobasafederal
prosecutor,Sackssaid.Wearecommittedtohavingrobustadministrativeandtechnical
controlsinplacethatensurestrictandtotalcompliance.

Sinceweinvested,Zenefitshasgonefromanideatoarealbusinessofascalefewstartups
reach.Butthemagicalproductmarketfitmeansthecompanyhasnotevenmadeadentyetin
thetotalpotentialtobecometheoperatingsystemofbusinessessaidboardmemberLars
Dalgaard,ageneralpartneratAndreessenHorowitz.DavidSackshasaproventrackrecordas
anoperatorandhasshownthathehasnaturalanduniqueinstinctsforbuildingdefensible
productsandfosteringaninspiring,positive,productivecompanyculture,andveryvaluable
lastingbusinesses.Inadditiontohavingthefullsupportoftheboard,Davidhaswonsupport
acrosstheZenefitsorganization,andImconfidentheistherightleadertotakethecompany
forward.

Thesearetherightmovesattherighttime,saidSrini,cofounderandCTOofZenefits.Parker
hadavisionandcreatedacompanytoserveit.Davidhasthemanagementexperiencetolead
thisnextphaseofZenefits.

ABOUTZENEFITS
ZenefitsistheleadingcloudHRautomationplatform.Ourmission:tomakeiteffortlessto
manageyourbusinessandemployees.Zenefitsconnectswith(orhelpsyousetup)yourpayroll,
benefits,andotherHRsystems,soyoucanmanageallyourHRonline,inonebeautiful
dashboard.Afterthat,Zenefitsdoesntjustgetridofpaperworkitgetsridoftheworkitself
throughHRautomation.Whatusedtotakeweekscheckingcomplianceboxes,updating
payroll,onboardingnewhires,enrollinginhealthinsuranceZenefitsnowautomatically
handlesforyouandyouremployees.Zenefitsdoesthiswithoutdisruptiveswitchingoflegacy
systems,forover10,000smallandmediumsizedbusinessesacrosstheUnitedStates.Zenefits
wascofoundedbyParkerConradandLaksSrini.Formoreinformation,
visitwww.zenefits.comorfollowZenefitsonTwitter:@Zenefits.

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