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Report: Multiple states open insurance probes into Zenefits

Feb. 10, 2016 8:26 PM ETZenefits (ZFIT) StockZFITBy: Jason Aycock, SA News Editor1 Comment
  • After ousting its CEO, privately held Zenefits (ZFIT) is facing a rising scandal with insurance regulators in multiple states opening probes into the start-up and its compliance challenges.
  • The company replaced CEO Parker Conrad Monday with COO David Sacks, and added venture capitalist Peter Thiel to its board.
  • While Washington state has opened a probe, there's no word on whether California has launched an investigation. A Zenefits spokeswoman says the company is affirmatively reaching out to all 50 states on the matter.
  • The company also lost its biggest client last week when Jet.com departed during a renewal period. Sam Blond is reportedly out as head of sales, replaced by interim sales chief Jeff Hazard.
  • Previously: Zenefits CEO Conrad resigns; COO Sacks takes over, Thiel joins board (Feb. 08 2016)

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