Veeva Systems and the Transformation to a Public Benefit Corporation

Peter Gassner, the co-founder and CEO of Veeva Systems, steered the company through rapid scaling from its launch in 2007 to 2022. Year after year, the company had exceeded expectations, with its market capitalization reaching $50 billion at its peak. By 2022, the company estimated it had an 80% market share of the pharmaceutical customer relationship management software industry. Annual revenue was nearly $2 billion and its global workforce surpassed 5,000 employees. Throughout its growth, Gassner infused the company with a unique purpose and a set of values known as the “Veeva Way.” The company culture had always put its customers and employees first. In 2021, Gassner took this commitment to the next level, by transforming the organization from a c-corporation to a public benefit corporation, the first publicly-traded company in the U.S. to do so. While the company remained a for-profit entity, it was now legally required to balance the interests of multiple stakeholders such as employees, customers, society, and shareholders. Veeva’s new incorporation certificate included the specific public purpose to “help make the industries it serves more productive and create high-quality employment opportunities.” The case is set one year after the transformation. Gassner reflects on the decision to become a PBC and the process by which it unfolded. He takes stock of the company’s inaugural PBC report, an important marker of the new structure.