The hottest new club in Silicon Valley is the regulatory compliance office.
Zenefits is fast-growing human resources company that received a staggering $4.5 billion valuation last May after barely two years in business. On its site, it touts the fact that Forbes called it « the hottest startup of the year. »
And, on Monday, it shocked the startup world on Monday night by announcing that its founding CEO had resigned over « compliance failures. »
As far as these things go, it was a spectacular exit: to fix its image quickly and thoroughly, the company appointed no less a Silicon Valley patriarch than Peter Thiel, one of the most respected people in technology. (As a rule: the more famous the new board member, the bigger the scandal they’re being sent in to fix.) Read more…
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