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TriNet Appoints Ray Bingham to Board of Directors
SAN LEANDRO, CA (October 27, 2008) — TriNet, a leading provider of human resources outsourcing and consulting services to more than 2,000 companies nationwide, today announced that H. Raymond Bingham, managing director of General Atlantic, has been appointed to its Board of Directors. Mr. Bingham is the former chairman and chief executive officer of Cadence Design Systems.
Mr. Bingham is a highly respected senior executive with a distinguished 30-year career in private equity, technology chemical engineering and hospitality real estate. He brings expertise in a broad range of business issues including mergers and acquisitions, global trade, corporate business development and finance.
Martin Babinec, Chairman of TriNet commented, “We are pleased to welcome Ray to the board of directors of TriNet. As a seasoned executive and investor, Ray brings operational knowledge, industry expertise and strategic insight which will be extremely valuable as we continue to aggressively pursue our growth objectives.”
“The HR outsourcing industry is changing rapidly, and TriNet has the opportunity to become the dominant player in the small and medium-sized business market,” said Ray Bingham. “They are fiercely committed to delivering to their customers the best in HR solutions and expert business guidance. This is an exciting time for TriNet and I look forward to working with their management team to drive future growth.”
Mr. Bingham joined General Atlantic, a global growth investment firm with $15 billion in capital under management, as a managing director in 2006 and serves as co-head of its Palo Alto office. Prior to General Atlantic, Mr. Bingham served as chairman and chief executive officer at Cadence Design Systems, the world’s leading electronics design automation software company. Under his leadership, Cadence grew from a $360 million company to a $1.3 billion global industry leader, and continued its global expansion into the emerging markets of India, China and Russia.
Previously, Mr. Bingham held various senior executive management roles with the Marriott Corporation, Red Lion Hotels and Inns, Agrico Overseas Investment Company, and N–ReN International. He has also served as a member of The Business Round Table, Chairman of the Board of the Electronic Design Automation Consortium (EDAC), and as a member of the Board of Directors of the Silicon Valley Leadership Group.
Mr. Bingham currently serves as a Director for Oracle Corporation, Flextronics International Ltd., and STMicroelectronics. He earned a bachelor’s degree in economics from Weber State University and an MBA from the Harvard Business School. He has also received an honorary doctorate of humanities from Weber State University.
About TriNet Group, Inc.
Founded in 1988 in the San Francisco Bay Area, TriNet provides strategic, cost-effective payroll, benefits, and HR outsourcing services to companies throughout the United States and Canada. TriNet specializes in helping small and medium-sized businesses reach their corporate goals and become destinations for top talent, enabling them to compete successfully with larger, more established organizations. TriNet’s comprehensive offerings include HR administration, online employee benefits administration and support, employer risk management, payroll processing, tax compliance, workers compensation, group health and welfare products, and strategic human capital consulting services. For more information about TriNet, visit http://www.trinet.com.