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Parker Conrad
Parker Conrad
	Conrad in 2022
Born	1980 (age 44–45); New York City, U.S.
Alma mater	Harvard University
Occupation	Businessman
Known for	Cofounder and former CEO of Zenefits
Title	Cofounder and CEO of Rippling
Spouse	Alexandra MacRae (m. 2011)
Children	2

Parker Conrad (born 1980) is an American businessman who is the cofounder and chief executive officer of Rippling, a cloud-based human resources platform designed to assist with onboarding, payroll, benefits, and vacation tracking. Prior to starting Rippling, he was the cofounder and CEO of Zenefits.

Early life

Conrad was born in New York City to Ellen Rouse Conrad, a president and founder of the non-profit environmental group the Bedford 2020 Coalition, and Winthrop B. Conrad, Jr., a now retired senior partner at the New York law firm Davis Polk & Wardwell.^[1] He attended the prestigious Upper West Side preparatory school The Collegiate School, and spent nearly two years during high school studying the neurobiology of sea snails. This research ultimately won him $20,000 and third place nationally in the Westinghouse Talent Search.^[2] Despite this, Parker admits that his high school grades were generally mediocre.^[3]

In the fall of 1998 Conrad began studying at Harvard University, where he served as managing editor of The Harvard Crimson.^[4] Conrad cites his time at the paper as a stressful period where, due to the time demands of the paper, he didn't go to many classes and failed out of school, an experience he describes as "humiliating and shocking."^[3] However, he returned to finish his studies one year later, and graduated in 2003 with an AB degree in Chemistry.^[3]

Career

Conrad was a product manager at Amgen, a biotechnology firm.^[5] While at Amgen, Conrad co-founded a portfolio-management startup called Wikinvest (now SigFig) with Mike Sha. After a falling out with Sha in 2012, Conrad left the company.^[6]

Inspired by the recent launch of President Obama's Affordable Care Act and his own experience as a cancer patient, Conrad launched Zenefits, a software company focusing on health insurance and payroll, in September 2012. The company quickly took off, receiving millions in early funding rounds from venture capital firms such as Andreessen Horowitz and Institutional Venture Partners.^[6] In 2014, Zenefits was named the fastest-growing startup of the year. Its annual revenues grew from $20 million in 2014 to $100 million in 2015.^[7] After only two years of existence, the company had 1,600 employees, 10,000 customers, and a $4.5 billion valuation.^[8]

In the fall of 2015, Zenefits came under scrutiny for allegedly failing to comply with state health insurance regulations; the company was subject to an investigation by the website BuzzFeed News.^[9] On 8 February 2016, Conrad resigned from Zenefits after it was discovered the company used unlicensed brokers to sell health insurance in multiple states.^[10] In the aftermath of the investigation, Conrad's replacement as CEO, former COO David O. Sacks—who was cleared of wrongdoing in the same investigation—announced that the valuation of the company would be halved and investors' positions "trued up" in an effort at rectification, while 10% of employees accepted an offer of a two-month separation package.^[11]

In the years following his ousting from Zenefits, Conrad has alleged that both a16z and Sacks waged a proxy war in the media to ruin his image. In his own words, Conrad, his board, and Sacks agreed on a friendly exit and press release explaining his move to step down. Conrad explains there was immense pressure from the board to resign, and was shocked when Sacks issued a different press release to the one they had agreed to.^[12]^{[better source needed]}

In 2015, Conrad was listed as Number 20 on Fortune's 40 Under Forty list.^[13]

In 2016, Conrad started his third company, Rippling, a platform for companies to run HR, IT, and Finance. Based in San Francisco, California, Rippling has raised $1.2 billion from the investors—including Kleiner Perkins, Founders Fund, and Sequoia Capital.^[14]^[15]