Parker Conrad

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Parker Conrad
Parker Conrad 2022 TechCrunch Disrupt 2.jpg
Conrad in 2022
Born1980 (age 44–45)
New York City, U.S.
Alma mater Harvard University
OccupationBusinessman
Known forCofounder and former CEO of Zenefits
TitleCofounder and CEO of Rippling
Spouse
Alexandra MacRae
​
(m. 2011)​
Children2

Parker Conrad (born 1980) is an American businessman who is the cofounder and chief executive officer of Rippling, a cloud-based human resources platform designed to assist with onboarding, payroll, benefits, and vacation tracking. Prior to starting Rippling, he was the cofounder and CEO of Zenefits.

Contents

Early life

Conrad was born in New York City to Ellen Rouse Conrad, a president and founder of the non-profit environmental group the Bedford 2020 Coalition, and Winthrop B. Conrad, Jr., a now retired senior partner at the New York law firm Davis Polk & Wardwell. [1] He attended the prestigious Upper West Side preparatory school The Collegiate School, and spent nearly two years during high school studying the neurobiology of sea snails. This research ultimately won him $20,000 and third place nationally in the Westinghouse Talent Search. [2] Despite this, Parker admits that his high school grades were generally mediocre. [3]

In the fall of 1998 Conrad began studying at Harvard University, where he served as managing editor of The Harvard Crimson . [4] Conrad cites his time at the paper as a stressful period where, due to the time demands of the paper, he didn't go to many classes and failed out of school, an experience he describes as "humiliating and shocking." [3] However, he returned to finish his studies one year later, and graduated in 2003 with an AB degree in Chemistry. [3]

Career

Conrad was a product manager at Amgen, a biotechnology firm. [5] While at Amgen, Conrad co-founded a portfolio-management startup called Wikinvest (now SigFig) with Mike Sha. After a falling out with Sha in 2012, Conrad left the company. [6]

Inspired by the recent launch of President Obama's Affordable Care Act and his own experience as a cancer patient, Conrad launched Zenefits, a software company focusing on health insurance and payroll, in September 2012. The company quickly took off, receiving millions in early funding rounds from venture capital firms such as Andreessen Horowitz and Institutional Venture Partners. [6] In 2014, Zenefits was named the fastest-growing startup of the year. Its annual revenues grew from $20 million in 2014 to $100 million in 2015. [7] After only two years of existence, the company had 1,600 employees, 10,000 customers, and a $4.5 billion valuation. [8]

In the fall of 2015, Zenefits came under scrutiny for allegedly failing to comply with state health insurance regulations; the company was subject to an investigation by the website BuzzFeed News . [9] On 8 February 2016, Conrad resigned from Zenefits after it was discovered the company used unlicensed brokers to sell health insurance in multiple states. [10] In the aftermath of the investigation, Conrad's replacement as CEO, former COO David O. Sacks—who was cleared of wrongdoing in the same investigation—announced that the valuation of the company would be halved and investors' positions "trued up" in an effort at rectification, while 10% of employees accepted an offer of a two-month separation package. [11]

In the years following his ousting from Zenefits, Conrad has alleged that both a16z and Sacks waged a proxy war in the media to ruin his image. In his own words, Conrad, his board, and Sacks agreed on a friendly exit and press release explaining his move to step down. Conrad explains there was immense pressure from the board to resign, and was shocked when Sacks issued a different press release to the one they had agreed to. [12] [ better source needed ]

In 2015, Conrad was listed as Number 20 on Fortune's 40 Under Forty list. [13]

In 2016, Conrad started his third company, Rippling, a platform for companies to run HR, IT, and Finance. Based in San Francisco, California, Rippling has raised $1.2 billion from the investors—including Kleiner Perkins, Founders Fund, and Sequoia Capital. [14] [15]

Personal life

Conrad was diagnosed, treated and cleared of testicular cancer at the age of 24. [3]

Conrad married Alexandra MacRae in June 2011, [1] with whom he has two children. They live in Mission District, San Francisco. [16]

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References

  1. 1 2 "Weddings: Alexandra MacRae, Parker Conrad". The New York Times. June 24, 2011. Retrieved February 18, 2016.
  2. ↑ Somini Sengupta (March 9, 1998). "3 New Yorkers Make Top 10 in Science Competition". The New York Times. Retrieved February 18, 2016.
  3. 1 2 3 4 Julie Bort (February 22, 2015). "How a series of humiliating events led to one of the fastest-growing startups EVER". Business Insider. Retrieved February 18, 2016.
  4. ↑ Farhad Manjoo (February 17, 2016). "Zenefits Scandal Highlights Perils of Hypergrowth at Start-Ups". The New York Times. Retrieved February 18, 2016.
  5. ↑ Feldman, Amy (June 1, 2020). "The Comeback Of A Fallen Tech Unicorn CEO". Forbes.
  6. 1 2 Farhad Manjoo (September 20, 2014). "Zenefits' Leader Is Rattling an Industry, So Why Is He Stressed Out?". The New York Times. Retrieved February 18, 2016.
  7. ↑ Brian Solomon (December 17, 2014). "How Zenefits Beat Out Uber, Airbnb To Become 2014's Hottest Startup". Forbes. Retrieved May 12, 2015.
  8. ↑ "Parker Conrad, 35". Fortune. Retrieved 19 October 2015.
  9. ↑ William Alden (November 25, 2015). "Startup Zenefits Under Scrutiny For Flouting Insurance Laws". Buzzfeed. Retrieved February 18, 2016.
  10. ↑ William Alden (February 8, 2016). "Zenefits CEO resigns after compliance failures". Buzzfeed. Retrieved February 16, 2016.
  11. ↑ Primack, Dan (30 June 2016). "Zenefits Loses Over Half Of Its Value". Fortune. Retrieved 1 July 2016.
  12. ↑ "Founder Shares How David Sacks Lied About Company Scandal". YouTube . June 2022.
  13. ↑ "Oh Baby! See ur new 40 Under 40 when they were (reallky) young". Fortune. Retrieved 19 October 2015.
  14. ↑ Loizos, Connie (March 17, 2023). "A $500 million term sheet in 12 hours: How Rippling struck a deal as SVB was melting down". TechCrunch.
  15. ↑ Nishant, Niket (May 11, 2022). "Rippling valued at over $11 bln after latest funding round". Reuters.
  16. ↑ Brown, Abram (April 10, 2023). "Parker Conrad Takes the Pain" . The Information.
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