TriNet Elects New Board Chairman
General Atlantic’s Ray Bingham succeeds founder Martin Babinec.
SAN LEANDRO, Calif. (January 18, 2010) TriNet, a provider of payroll, benefits and human resources outsourcing solutions to small businesses, today announced that its founder and former CEO Martin Babinec transitioned his role of board chairman on January 1 to fellow board member Ray Bingham, a TriNet Director since July 2008. A managing director of private equity firm General Atlantic, Bingham understands the scope and scale necessary to guide TriNet’s value-added services that its client base of emerging growth companies needs to be successful in highly competitive markets.
“Ray has brought extraordinary value to our company as a director and has helped guide our efforts to the next level,” said Burton M. Goldfield, TriNet’s President and CEO. “The depth of Ray’s experience in building high-growth companies and navigating difficult markets will build on the momentum the board established under Martin’s leadership.”
Prior to GA, Bingham was chairman and CEO at Cadence Design Systems, where he led the company from revenues of $360 million to more than $1.3 billion. In addition to TriNet, Bingham currently serves as a director for three public companies: Oracle Corporation, Flextronics International and ST Microelectronics.
“I have focused my career helping innovators build businesses; TriNet takes its place alongside venture capitalists providing leverage that helps entrepreneurs grow their companies,” said Bingham. “TriNet makes a meaningful impact on accelerating innovation by delivering mission-critical services that help companies realize their ambitions. TriNet will become a standard for how entrepreneurs access human resources capabilities.”
Babinec, who founded TriNet in 1988 and served as CEO from the company’s inception until May 2008, will continue serving as a director. He has spent much of this past year helping to guide the PEO industry’s effort on health care reform, and will continue to remain active in selected industry-related government affairs, including serving as chair of the Grassroots Leadership Network for the National Association of Professional Employer Organizations (NAPEO). He recently launched Upstate Venture Connect, a non-profit organization.
“TriNet is growing more strongly every year because its ability to deliver excellence in HR services and introducing leading-edge human capital management services are well established in the company culture,” said Babinec.
“Martin’s influence on shaping TriNet goes beyond just starting the company,” Goldfield added. “It’s unusual for a founder to have led a high-growth, venture-backed company for such an extended period of time. I look forward to a new chapter in his involvement.”
About TriNetTriNet serves as a trusted HR partner to small businesses, to help contain costs, minimize employer-related risks, relieve administrative burden, and keep focus on core business functions. From routine employee benefits service and payroll processing to high-level human capital consulting, TriNet's PEO expertise is integrated with every facet of a client’s organization. Its solutions specialize in serving fast-moving companies in fields such as technology and professional services, who recognize that top-quality employees are the most critical competitive asset. For more information, please visit http://www.trinet.com.
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