Calderoni’s hiring would appear to mark a new chapter for high-flying payroll and employer of record startups, most of which are still founder-led.
, the H.R. startup he founded, one name kept coming up as he spoke to executives in his network: Tech industry finance veteran Frank Calderoni.had a resume filled with helping manage companies at scale. Second, as the former CEO of planning software firm Anaplan, Calderoni, who Velocity Global announced Wednesday it had named CEO, had led a company with a similar profile to IPO in 2018 before it was taken private last year.
“And then three, I bought his book,” Wright says of the tech veteran’s pandemic project, a leadership book calledthat links strategy, culture and individual character. “The world is littered with some of these CEOs who just have a scorched earth policy” that burns people out, Wright says. However much that culture focus was reassuring to a founder who’d bootstrapped his Denver-based company for its first seven years, so was Calderoni’s experience as a CFO at large public companies and as a chief executive who’d led an IPO. “It became very clear to me that I think we'd be able to accelerate faster” with a more seasoned CEO, says Wright, a CPA by training who’d led business development in professional services firms and financial consulting practices earlier in his career.
Wright said in an interview that the decision was his and that his board was initially surprised, but after two years of due diligence for funding rounds and acquisitions, it was time for a handoff. “If I look at the next three to five years where the business is going and what it needs out of the seat of the CEO … I was increasingly finding conflict” between professional and personal demands, says Wright, who will remain executive chairman.
Calderoni’s hiring would appear to mark a new chapter in the maturing of these high-flying payroll and employer of record startups, most of which are still founder-led. As a group, they represent many of the largest venture capital deals in the H.R. tech category in recent years: Last March, Velocity Global, which also offers services like multi-country payroll and supplemental benefits, scored a $400 million Series B funding round led by Eldridge and Norwest, second only among H.R.
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