Zenefits, the Silicon Valley startup that seeks to disrupt the benefits administration and payroll processing field, announced major layoffs Friday. The announcement comes less than a month after the sudden resignation of its CEO in the midst of a scandal over illegal business practices.
The company is cutting 250 employees, 17 percent of its workforce.
"This reduction enables us to refocus our strategy, rebuild in line with our new company values and grow in a controlled way that will be strategic for our business and beneficial for our customers," CEO David Sacks said in a statement.
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