Zenefits CEO Conrad Resigns Amid Regulatory Compliance Issues

  • Startup says it had `inadequate' compliance under former chief
  • Chief Operating Officer David Sacks takes company leadership

Parker Conrad, co-founder and chief executive officer of Zenefits, speaks during a Bloomberg West television interview in San Francisco, California, U.S., on Wednesday, Dec. 10, 2014. Zenefits, a human-resources software maker, said David Sacks, the co-founder of Yammer, will join as the company's first chief operating officer and director of the 18-month-old startup. Photographer: David Paul Morris/Bloomberg

Corporate software startup Zenefits said Parker Conrad has resigned as chief executive officer, citing “inadequate” processes and regulatory compliance. David Sacks, Zenefits’s chief operating officer and a former Microsoft Corp. executive, will take over as CEO of the human-resources software maker.

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