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TriNet Appoints Burton M. Goldfield As New Chief Executive Officer
New CEO Brings Experience in High Growth Businesses; TriNet’s Founder Martin Babinec Continues as Chairman
SAN LEANDRO, CA (May 14, 2008) — TriNet, a leading provider of human resources outsourcing services for small and medium-sized companies throughout the United States and Canada, today announced the appointment of Burton M. Goldfield as the company’s new president and chief executive officer. Joining TriNet at a critical stage in which the company’s growth is accelerating, Goldfield will lead the effort to take TriNet to the next level as a strategic national leader in the Professional Employer Organization (PEO) industry. Martin Babinec, who has served as TriNet’s President and CEO since founding the company 20 years ago, will continue on as Chairman.
With more than 25 years experience in increasingly high profile executive-level sales, operations, and technology management positions, Goldfield is an accomplished, energetic and goal-driven leader who is known for his extensive expertise at successfully growing emerging businesses into large-scale, highly successful corporations. Goldfield joins TriNet from Santa Clara-based Ketera Technologies, Inc., a leading provider of on-demand Software-as-a-Service (SaaS) spend management solutions to Fortune 2000 companies, where he was CEO.
"TriNet has been on an amazing 20-year journey that continues to evolve with opportunity at every step," said Martin Babinec. "Due to our outstanding growth and continued innovation as an industry leader, we are poised on the brink of exciting change. It was important to add new leadership talent and an individual of Burton’s caliber will help us take full advantage of the unique position we are in," continued Babinec. "There is a vast and accelerating market opportunity in front of us, and Burton is the right person to lead TriNet into our next 20 years."
"TriNet is a genuine industry pioneer, and its leadership for the past twenty years has brought the company to an enviable position as the premier nationwide provider of HR outsourcing services," said Burton Goldfield. "What attracted me to TriNet was the opportunity to lead an already successful organization — currently on a run rate of more than $100 million in net revenue and experiencing 30% growth annually — and bring that company into its next stage. I plan to capitalize on TriNet’s past successes, our prominence within the growing PEO industry, and to maximize opportunities as we enter new markets, expand our industry-leading product suite, and significantly broaden our national footprint."
General Atlantic, one of the world’s leading private equity investment firms, with more than $17 billion under management and TriNet’s majority stakeholder since 2005, was also enthusiastic about the appointment of the dynamic leader to the company’s executive post.
"Burton has an admirable track record in joining already-thriving companies and finding new opportunities for dramatic growth," said Dave Hodgson, Managing Director at General Atlantic and a member of TriNet’s Board of Directors. "The Board and I know that he will add new depth and experience to TriNet’s seasoned management team, while helping to position the company for even greater marketplace dominance. The HR outsourcing industry has matured over the last several years and it is primed for substantial growth. Burton has the experience and the vision to ensure that TriNet takes advantage of every opportunity that presents itself."
Previous to his tenure at Ketera, Goldfield was with Hyperion Solutions Corporation, where he was senior vice president of worldwide field operations with global responsibility for direct and indirect sales, consulting services, support, training and field marketing. Prior to that, Goldfield was with IBM Corporation as vice president of worldwide sales for the Rational software brand, and was responsible for leading the global direct and indirect sales, consulting and field operations organizations. Prior to Rational being acquired by IBM in 2003, Goldfield held various senior executive leadership roles, over a 14 year period, as Rational grew from $25M to more than $700M in annual revenue.
As Chairman, Babinec assumes a full-time role with responsibilities that include supporting company functions in key areas such as merger and acquisition activity, strategic development, investor and analyst relations, building and leveraging key supplier and carrier relationships, and expansion of his activities in shaping policy issues and advancing the growth of the overall PEO industry. As TriNet’s Founder and Chairman, Babinec will continue his substantial contributions to TriNet’s future as he works with TriNet’s Board of Directors to maximize the potential of the organization.
About TriNet Group, Inc.
Founded in 1988 in the San Francisco Bay Area, TriNet provides strategic, cost-effective payroll, benefits, and human resource 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 management consulting services. For more information about TriNet, visit http://www.trinet.com.