published May 15, 2018, 2:35:40 PM, by Lizette Chapman
(Bloomberg) —

Human-resources software startup Namely Inc. is searching for a new leader following the abrupt departure of Chief Executive Officer Matt Straz.Namely’s board reviewed unspecified “actions” by Straz, determined they were “inconsistent” with leadership standards at the firm and announced his immediate departure, according to a company statement Tuesday. ”The company is steadfast in its goal to model the best workplace practices, including demonstrating commitment to its values by taking decisive action if or when anyone, including its CEO, acts contrary to those values,” Namely said. Straz didn’t immediately respond to a request for comment regarding his departure.Namely director and former Jive Software Inc. CEO Elisa Steele will lead Namely’s Office of the CEO along with a handful of Namely’s other senior executives until Straz’s replacement is found, the company said. Several technology executives have left startups after poor behavior. Zenefits and BetterWorks — both human resources startups — shed leaders following questions about their conduct, as did personal-finance startup Social Finance Inc.Straz co-founded advertising startup Pictela, which was acquired by AOL in late 2010, and went on to found Namely.Namely has raised more than $150 million from investors including Sequoia Capital and Matrix Partners and competes with Zenefits and Workday Inc. Google considered it a potential acquisition target in 2016, Recode reported.

The New York-based company says it serves more than 1,000 clients and is on course to exceed more than $50 million in annual recurring revenue. In March, it announced plans to open an operations hub employing 300 in Atlanta.

To contact the author of this story: Lizette Chapman in San Francisco at lchapman19@bloomberg.net
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