Payscale, Inc., the leading provider of compensation data, software and services, announced that Scott Torrey has decided to step down as Chief Executive Officer and that Alex Hart will succeed Mr. Torrey as Payscale’s Chief Executive Officer, effective immediately. Mr. Torrey will continue to support the business in an advisory capacity through the transition.
Mr. Hart has an extensive track record of success in leading software businesses at key inflection points in their growth trajectories. Most recently, he was the CEO of 2Checkout (formerly known as Avangate), leading an acceleration in growth from 5% to 30% at the time of its acquisition by Verifone. Previously, he was the President & CEO of Official Payments from 2010 until its sale to ACI Worldwide in 2013. Mr. Hart has also previously held leadership roles at FleetCor, CheckFree, and Corillian.
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“It has been an honor to lead Payscale for the past two years through a time of strong growth, both organically and through its recent acquisitions of Payfactors and Curo,” said Mr. Torrey. “Having built a strong management team, a portfolio of market leading products, and established the foundation for growth, Payscale is in a wonderful position to help every employee and employer #getpayright.”
“We appreciate Scott’s leadership and his contributions to Payscale over the past few years, having helped meaningfully increase the company’s scale, reach and capabilities,” said Peter Christodoulo, Partner at Francisco Partners. “We are also very excited to welcome Alex Hart onboard and believe his deep experience leading high growth technology businesses makes him an ideal candidate to take the company to the next level of growth.”
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“We are thrilled to bring Alex’s energy, expertise, and track record in leading businesses to Payscale,” said Ryan Hinkle, Managing Director of Insight Partners. “We would also like to acknowledge and thank Scott for his stewardship, which has helped position Payscale as the market leader of compensation data, software and services it is today.”
“We are uniquely positioned to help companies value their people, and people realize their value. With access to near real-time compensation data and labor market insights, organizations can differentiate their talent strategies and eliminate unintentional pay bias and inequity,” said Jeff Laliberte, Chief Strategy Officer. “HR functions work tremendously hard to get pay right, and by educating and involving employees in compensation discussions, we’re able to eliminate information asymmetry to build trust and drive more employee loyalty and engagement.”
“The need to get compensation right has never been more important, and I am excited to join Payscale at such a pivotal moment. The Great Resignation, remote and hybrid work arrangements, and the heightened prominence of pay equity issues make compensation excellence a strategic imperative. Payscale is especially well-positioned to assist its nearly 10,000 customers in navigating the new landscape through its market-leading compensation data, benchmarking, and analytics,” said Mr. Hart. “I look forward to building on Payscale’s strong momentum and helping this talented leadership team further accelerate the company’s growth.”
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