NAMELY CEO SERIES

But it cast a cloud over the the company (which still isn’t talking about what happened). Accused of actions “inconsistent with that which is expected of Namely leadership,” as the company told employees at the time, Straz has gone on to launch an employee benefits startup called Bennie. In the most devastating development for the company until now, Namely’s board abrupt fired the company’s cofounder, Matt Straz, as its CEO in 2018. Though it was once among New York’s most promising businesses and accordingly raised at least $217 million from investors, including Matrix Partners, True Ventures, and Sequoia Capital, it has seen more than its share of transition at the top.

NAMELY CEO SERIES

While the deep cuts are understandable in the current context, they also represent one in a series of milestones at Namely that no startup wants to encounter. In fact, nearly four million people filed for unemployment benefits last week alone, bringing to more than 30 million the nation’s number of unemployment claims. That’s saying nothing of the many companies and small businesses like yoga studios that don’t register as tech startups. According to Layoffs.ai, a site that’s trying to track industry layoffs as they happen, at least 356 startups alone have now laid off 34343 employees.

It’s a situation that many startups find themselves in, of course. because I care about that relationship, I waived that minimum for some period of time so she can conserve cash.” Which means less revenue for Namely. Said Dunivan, “We just had a stark, painful conversation and you could tell I was one of many people she was calling. He pointed to one client who has numerous yoga studios and who earlier this year employed 500 people but has laid off all but 15 of them in the shutdown. He also shared the difficulties of running a startup right now that depends largely on small- and medium-size businesses, noting that even though Namely’s customers sign up for between one- and three-year-long contracts - they also pay an additional amount for a minimum number of employees - many of those customers are finding it difficult to fulfill those contracts at the moment. In a call earlier today, Namely CEO Larry Dunivan said the company had reduced executive pay five weeks ago, hoping to avoid layoffs, but that the coronavirus and its impact on the business made that impossible. The cuts are across the board, from high-ranking staffers, including a CFO who was brought on almost exactly two years ago, and a chief security officer who has spent just the last year with the company, to its entire customer success team. via subscription software, has let go of upwards of 40% of its roughly 400 employees. Namely, an eight-and-a-half-year-old, New York-based company that sells payroll, talent management and other HR services to mid-size businesses across the U.S.

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