DocuSign CEO Dan Springer is out as the company’s stock has tanked while the company struggles to return to its pandemic-fueled highs.
Like many companies, DocuSign reached all-new highs during the early days of the pandemic as businesses turned to cloud-based tools to stay productive as employees worked from home. Unfortunately for DocuSign, the company has struggled to maintain its pandemic-level growth rate, and its stock has reflected that. After posting disappointing quarterly results, the company announced that Springer would resign as CEO.
The company struck a positive tone about its future prospects.
“DocuSign has the people, the products and the brand to transform the way the world agrees, making us a leader in our Anywhere Economy,” said chairman Pete Solvik, according to TheStreet.
In the meantime, board member Maggie Wilderotter will serve as interim CEO while the company looks for a permanent replacement. The company’s stock had rebounded 4.1% in early Tuesday trading before settling back down.