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The CEO of troubled $2 billion startup Zenefits is leaving, less than a year after taking over

David Sacks
David Sacks

(Zenefits CEO David SacksREUTERS/Beck Diefenbach)

Zenefits, the $2 billion HR software maker, is in the process of looking for a new CEO to replace David Sacks, who took over the helm less than a year ago, Sacks told The New York Times.

“It’s time to find the next leader,” Sacks told The Times. He will remain with the company as its chairman.

The news was reported earlier by The Information, and The Wall Street Journal said that Sacks is considering taking a job with the presidential transition team of Donald Trump. Sacks is a friend and former colleague of Silicon Valley venture capitalist and PayPal founder Peter Thiel, who is helping to lead Trump's transition team.

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Sacks could take on another role like senior executive chairman at the company, the report said.

The news comes as a bit of a surprise. Sacks just took the CEO position in February after founder/ex-CEO Parker Conrad was found to be responsible for developing illegal training software.

The company has been involved in a number of legal issues throughout the year, but seems to have settled down a bit after launching a new version of its product called "Z2" in October.

Sacks published a series of tweets on changes at the company late Friday night, saying he did not want the CEO job, but "felt a responsibility to investors, employees and customers to help the company through the crisis."

Read Sacks' tweets here:

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