HR startup Namely fires CEO Matt Straz, saying his actions violated startup’s values

Namely Board of Directors has fired its CEO, Matt Straz, saying his actions violated startup’s values. In a press release, the company announced that the departure of Matt Straz as the company’s CEO, effective immediately. “The Board of Directors arrived at this decision after determining that his actions were inconsistent with that which is expected of Namely leadership,” the release said.

On the interim, Elisa Steele, a Namely board member, will lead the Office of the CEO. Elisa has more than 25 years of leadership experience at several of the world’s leading technology companies. She last served as President & CEO of Jive Software and has held senior positions at Microsoft, Skype, Yahoo!, NetApp and Sun Microsystems.

“On behalf of the Board of Directors, I am confident that, together with the entire leadership team, we will ensure the company’s operations are smooth during this transition and that we will continue to serve our customers well,” said Elisa Steele. “Namely is a company with a great team of people and a great product. We are undoubtedly well-positioned to attract a stellar CEO to take the company into its next chapter.”

Matt Straz founded Namely back in 2012. He’s a weekly contributor to Entrepreneur and writes frequently for several other publications about human resources, startups, and technology. No comment yet from Straz.

“Namely is a company that provides HR solutions, resources and best practices to help clients achieve their workplace goals. The company is steadfast in its goal to model the best workplace practices, including demonstrating commitment to its values by taking decisive action if or when anyone, including its CEO, acts contrary to those values,” the company said.

Founded in 2012, the New York-based Namely is an all-in-one platform that manages all HR data in one place, with personalized service to help companies get better and faster. Namely give companies the software and support they need to evolve their company cultures It has evolved along with company needs. They handle administration and compliance across HR, payroll, time, and benefits, so HR teams can focus on developing their people and providing a great employee experience. The company has  raised over $150 million from investors including Sequoia Capital and Matrix Partners. Its competitors include Zenefits and Workday Inc.