DocuSign CEO Dan Springer resigns
Dan Springer, CEO of DocuSign.
David Paul Morris | Bloomberg | Getty Images
DocuSign CEO Dan Springer is resign. The move comes after the e-signature software maker has lost more than 60% of its value since the start of the year.
The company did not provide a reason for his departure, but said Springer “has agreed to step down,” effective immediately. Board Chair Maggie Wilderotter will take over as interim CEO as the company begins its search for the next leader. The shares were up about 1% when markets opened.
Springer assumed the role of chief executive in 2017 and took the company public in 2018.
DocuSign was able to take advantage of the Covid-19 pandemic as more consumers turned to online transactions and offers. But its business has slowed in recent quarters, especially as it faces tough comparisons with its dramatic growth in 2020 and early 2021. The deteriorating macro environment has also impacted l ‘company. The shares were down 80% from their 52-week high at Friday’s close.
Springer’s departure comes less than two weeks after DocuSign reported fiscal first-quarter results that fell short of analysts’ expectations, further accelerating the company’s stock plunge.
Several Wall Street firms, including Evercore ISI and Bank of America, downgraded the stock on the report. The company was forecasting 7% to 8% year-over-year billing growth for 2022, which is “well below the midpoint of DocuSign’s previous guidance which called for 15% growth,” it said. said Jake Roberge of William Blair in a note to investors.
“Given limited management visibility, a sales restructuring that will take several quarters, and a lack of near-term catalysts, we believe DocuSign’s stock will remain range-bound in the coming quarters.” , did he declare.