The founder of online job search and software company Snagajob said he will maintain an active role in the company even though he is stepping aside as its chief executive officer.
Shawn Boyer, who started Snagajob in 2000 and has led the often praised company ever since, is relinquishing day-to-day management duties to a 25-year tech industry veteran with experience building startup ventures into global firms.
The Henrico County-based company also said it might conduct an initial public offering of stock in the next two to three years.
“These next two years are going to be very critical for us to do the things we need to do to make the next step as a company,” said Boyer, who will become Snagajob’s chairman.
Replacing him as CEO in April will be Peter Harrison, the former chief executive of McLean-based GlobalLogic, a software research and development services company.
During Harrison’s tenure as CEO from 2002 to 2012, GlobalLogic grew from 20 people to more than 6,000 workers with international operations. He is GlobalLogic’s current board vice chairman.
Harrison was traveling Wednesday and could not be reached for comment.
Boyer, 41, told employees at the company’s Innsbrook Corporate Center offices of the changes late Wednesday morning.
The change will allow Boyer to focus his time on strategy and long-term business development, he said.
“It will be an active chairman role,” Boyer said. “I will be here every single day. I will be able to spend more time with clients and prospects.”
Boyer, the U.S. Small Business Administration’s National Small Business Owner of the Year recipient in 2008, said the timing was right to hire a new CEO because Snagajob is considering an IPO in the next two to three years.
“There is no guarantee that will happen, and it is not the end-all and be-all for us as a company,” he said. “But it is one of the ways for us to continue to maximize the potential opportunities we have.”
The company needed a CEO with a “proven track record” of building businesses from small to midsize operations into much larger ventures, Boyer said.
A native of the United Kingdom with a degree in software engineering, Harrison has been in leadership roles at several technology companies that grew quickly and went public.
Before joining the still private GlobalLogic, he was a senior vice president at Versata, a provider of business automation software. Versata had an initial public offering in 2000 after posting 50-fold revenue growth in four years.
Harrison also co-founded and was vice president at Seer Technologies, which posted revenue of $120 million after five years in business, leading to an IPO in 1995.
Harrison also will join Snagajob’s board of directors, which will have six members, including representation by the company’s investors.
Snagajob has received private equity funding of about $14 million from firms such as Adams Street Partners, Baird Venture Partners and C&B Capital. In early 2011, the company announced a $27 million investment led by August Capital, a Silicon Valley-based venture capital firm.
Private equity funding can often “change the equation” when it comes to a company’s growth expectations, said Richard Coughlan, senior associate dean of the University of Richmond’s Robins School of Business.
“At some stage in a company’s development, it may become apparent either to the founder of the company or the investors that a change in day-to-day leadership is more likely to lead to the growth that they seek,” Coughlan said.
Snagajob carved out a niche market by focusing on matching businesses with job seekers looking for hourly or part-time work.
Since 2009, the company also has devoted resources to developing software designed to help businesses with human resources management, such as recruiting, hiring and training. More recently, the company has developed tools designed to help businesses recruit and hire hundreds of employees in a short period of time.
“One big (strategic) aspect is to continue to build our software suite,” Boyer said. “There are a number of different solutions that we will continue to add on the software side.”
Boyer came up with the idea for an online job search site focused on hourly positions in 1999 when a friend was looking for a summer internship. Boyer searched online for places to apply but found that most job search sites were focused more on salaried and professional jobs than part-time jobs or internships.
Snagajob.com went live online in May 2000. Boyer moved the company from Williamsburg, where he is from and where his parents lived, to Henrico County in July 2001.
The company says it now has more than 40 million registered online users and has helped 45,000 businesses recruit and hire employees.
Snagajob does not disclose its sales and profits, but Boyer said the company is profitable and its revenue has doubled every two to three years.
The company also did not disclose precise employment numbers but said it has a staff “north of 200.”
In June 2012, Snagajob disclosed that it had cut 17 jobs, but Boyer said the cuts were the result of eliminating an unprofitable sales line and not because of the economy.
Known for a quirky and fun-focused office culture, Snagajob in 2011 was named the best small company in the U.S. to work for by the Chicago-based Great Place to Work Institute.