Zenefits, a software startup valued at $4.5 billion, said on Monday that it had appointed a new chief executive officer.

Parker Conrad, who ran the company since its founding in 2013, has resigned, Zenefits said, and David Sacks, a former Yammer executive who joined Zenefits a year ago as chief operating officer, would take over as CEO.

The company also said Peter Thiel, co-founder of PayPal and a high-profile Silicon Valley investor, would join the board.

Zenefits provides software for businesses to automate various aspects of their human resources services, including healthcare benefits, stock options, maternity leave and vacation time.

(Reporting by Heather Somerville; Editing by Sandra Maler)

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