© Reuters. DocuSign (DOCU) CEO Exits as Pandemic-Fueled Growth Hangover Lingers
By Louis Juricic
Former pandemic-era high-flyer DocuSign (NASDAQ:) announced Tuesday that long-time CEO Dan Springer has agreed to step aside, without providing a reason for the departure.
Chairman of the Board Mary Agnes Wilderotter was appointed interim CEO effective immediately, and the Board has retained an executive search firm to assist with succession planning and the CEO search.
The transition follows a sharp decline in shares of DocuSign. After peaking near $310 last September, DocuSign shares closed at $60.55 on Friday, a plunge of 80% in just 10 months.
Like other so-called stay-at-home stocks, DocuSign shares experienced robust demand during the pandemic, but it has struggled to manage the transition back to a more normalized environment, and results have disappointed investors. Springer’s exit comes less than two weeks after DocuSign reported first-quarter earnings.
DocuSign shares were up 2% in early trading.
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