Zenefits, a cloud-based software services company, is searching now for a new CEO. In a memo sent Friday, Sacks announced that he would become the chairman of Zenefits and lead the processof finding a CEO to replace him.
"The chairman role will allow me to focus on what I do best product and strategy while working with a great operator who can help build our small business pipeline," read the memo from Sacks. "I feel it is best to be public about this search so that we can attract the best candidates."
Sacks joined Zenefits approximately a year ago while the company was under scrutiny amidst claims they had violated California state tax laws. He replaced Zenefits founding CEO, Parker Conrad, who reportedly was forced to resign, and guided them through the rough times. Before Sacks joined the Zenefits team, he was an executive with Paypal, where he worked with tech billionaire, Peter Thiel. There has been major speculation that Sacks will go to work with Donald Trump, with whom Thiel is also very close. These rumors have been denied by Zenefits spokesperson Jessica Hoffman. Thiel refused to comment.
"If true, it would be great for America," said Keith Rabois, a venture capitalist and friend of both Sacks and Thiel. "David understands both policy and building an effective team so he would be an excellent addition."