Namely has fired founder and CEO Matt Straz amid an investigation into actions “inconsistent with that which is expected of Namely leadership,” the human resources startup told employees last week, according to news reports.
In announcing the news, the company offered no specifics, according to a May 15 Forbes article. FierceCEO profiled Straz in January. He started the company in 2012 with three employees and grew it to about 430 employees and 1,000 clients. In the Fast Five section of the interview, Straz referred to a need for new leadership twice, once saying that the ability to attract “next-level leadership” keeps him up at night and another time saying he wishes he’d known five years ago that every stage of the company “requires different talent and leadership.”
“On behalf of the Board of Directors, I am confident that, together with the entire leadership team, we will ensure the company’s operations are smooth during this transition and that we will continue to serve our customers well,” Elisa Steele, a board member who will lead the Office of the CEO until a replacement is found, said in a press release. “Namely is a company with a great team of people and a great product. We are undoubtedly well-positioned to attract a stellar CEO to take the company into its next chapter.”
The company has been growing. It’s raised more than $150 million from investors, and it rejected an acquisition offer from Google, according to a 2017 TechCrunch article.