The architect and arch controlling of Richmond-based Snagajob is dispatch bottomward as the aggregation eyes its aing step.
Shawn Boyer, who founded the online alternate job lath in 1999, appear his abandonment from the role of CEO to Snagajob advisers at a affair Wednesday at the firm’s Innsbrook headquarters.
Peter Harrison, who ahead ran Northern Virginia-based GlobalLogic and helped booty two companies public, will be Snagajob’s new arch executive.
Boyer, who will become administrator of board, said in an account Wednesday that the aggregation ability accede an IPO aural the aing three years.
“This is not my departure. This is me affective into a altered role and still actuality actuality every day,” Boyer said.
Boyer, 41, larboard a career as a advocate and grew Snagajob to added than 200 advisers and tens of millions of dollars in anniversary revenue.
The William & Mary alum additionally led the aggregation through several basic raises in deals with clandestine disinterestedness firms that brought in added than $40 million. Some of those firms, including Adams Street Partners, Baird Venture Partners and August Capital, took seats on Snagajob’s lath of directors. With those seats came greater say in the company’s affairs.
Boyer said he’ll advance the aforementioned akin of ownership. He and his ancestors are the distinct better actor in the company, he said. His wife, Tennille Boyer, works in sales at the company.
Boyer said he accomplished a chase for a almsman in aboriginal 2012.
“This has been article I accept proactively talked to the lath about for absolutely some time,” he said. “This was my decision, my instigation.”
Snagajob, which matches alternate job seekers with administration such as 7-Eleven, Home Depot and Pizza Hut, had been accepted as one of the fastest growing companies in Richmond.
Boyer was called the 2008 National Small Business Person of the Year by the U.S. Small Business Administration, and in 2009 he was Virginia Business magazine’s Person of the Year.
But the aggregation wasn’t allowed from the recession. Aftermost summer, Snagajob cut about 10 percent of its workforce but additionally added 12 IT jobs throughout the year.
In its search, the aggregation was attractive for a arch controlling who had acquaintance growing a aggregation abundant beyond than Snagajob, including accretion internationally, and who has been complex in an IPO process.
“If you attending at my resume, I don’t accept any of those,” Boyer said. “I capital to accompany in somebody who did accept that.”
Harrison matches those needs, Boyer said.
As arch controlling of GlobalLogic, he grew the software close to added than 6,000 advisers during his administration from 2002 to 2010.
He’s been through two IPOs with tech firms Versata and Seer Technologies.
Harrison is accepted to alpha at Snagajob in April.
Randy Reece, a chief analyst who covers the job recruiting industry for Nashville advance close Avondale Partners, said that, depending on the industry and akin of profitability, a aggregation would appetite to appearance acquirement advance of 15 to 20 percent annually in the years arch up to a planned IPO.
“It’s alone activity to be accessible if the aggregation is accomplishing actual able growth,” Reece said. “We don’t apperceive absolutely how fast Snagajob is growing. We do apperceive they accept succeeded in acceptable relationships with cogent cardinal of companies that appoint a lot of alternate advisers in retail-oriented industries and restaurants. I anticipate that’s a able positive.”
Reece said a auction of Snagajob is added acceptable than an IPO.
“The ‘preparing for an IPO’ acknowledgment is addition way of adage ‘we’ll be for auction eventually,’” Reece said.
Should it go in that direction, abeyant buyers could accommodate online job chase giants Monster and CareerBuilder, Reece said.
Monster’s North American operations brought in $463 actor in acquirement in 2012. CareerBuilder brought in $663 actor in acquirement aftermost year.
Reece additionally said some of Snagajob’s beforehand clandestine disinterestedness backers ability be active abbreviate on backbone in their drive to compensate their investment.
“With the Internet balloon and again the absolute acreage bubble, a lot of clandestine disinterestedness money was put to assignment and has been ashore there for a continued time,” Reece said. “These companies are beneath accretion burden to get their money out of investments they’ve captivated for a continued time and put them into new account that accept abeyant for a college amount of return.”
Snagajob additionally said Wednesday that Greg Moyer, who has been its arch of animal assets for about seven years, would retire in April. Betsy Kersey, who had been clean-cut to be his successor, will booty over that position.
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