After just 10 months on the job, David Sacks is stepping down as chief executive of Zenefits and will lead the search for his own replacement. Sacks took the reins of the embattled HR software startup in February, hoping to turn it around after a slew of legal mishaps. The company is still reportedly hemorrhaging cash—to the tune of $100 million in the first half of this year.
Sacks will assume the role of chairman. According to multiple media reports, including in the New York Times and the Wall Street Journal, he may be considering an opportunity to assist with Donald Trump's transition team, although Sacks has not confirmed this. CZ