Human resources (HR) software services company Zenefits has appointed a new chief financial officer (CFO) eight months after the previous CFO stepped down.
Shaun Wiley joins Zenefits after having served as CFO at Torrent Technologies and CoreHR between 2013 and 2017. Before that, he served as divisional comptroller at Microsoft in Redmond, according to his LinkedIn profile.
Changing of the guard
Zenefits founder and former CEO Parker Conrad resigned in early 2016 over various insurance brokerage controversies, with COO David Sacks temporarily taking over. In February this year, Zenefits appointed former Ooyala CEO Jay Fulcher to head up the company, and that same month existing CFO Mark Woolway stepped down.
Zenefits recently announced that it was changing course after falling afoul of regulators over unlicensed insurance sales. The company revealed that it would exit the insurance brokerage business altogether, instead providing the software for brokers to use. A few weeks back, Zenefits and Conrad were fined nearly $1 million for misleading investors over the company’s supposed compliance with state insurance regulations.
Suffice it to say, Zenefits has gone through a rough patch and is eager to put recent events behind it as quickly as possible. The company has made a number of fresh appointments of late, including a new chief operating officer (COO), chief marketing officer (CMO), chief people officer (CPO), SVP of engineering, and SVP of product.
Moving forward, Wiley will be charged with leading Zenefits’ financial strategy and helping to “scale the company,” according to a statement.
“Shaun’s experience in HR and insurance, combined with his experience leading corporate long-term planning at Microsoft, make him uniquely qualified for this role,” said Fulcher. “He will play a critical part in helping us manage Zenefits’ expanding market position, enhancing our execution and scaling the company to meet demand.”
After raising more than $500 million in investors’ cash, Zenefits will also need to focus on some form of exit plan in the coming years, though at present an IPO seems a long way off.