DocuSign Inc, the electronic signature company, said Dan Springer is stepping down from his role as chief executive, and has named board chair Maggie Wilderotter interim CEO.
The software maker, which lost more than 60% of its value in the last year, had benefited from Covid-19 with consumers turning to online transactions. But recent quarters have seen sluggish business, with the company also adversely affected by the current macroeconomic climate.
Shares were off 80% from their 52-week high as of Friday’s close, and closed down 1.65% yesterday at US$59.55.
Although the company did not give any reasons for Springer's departure, it said he "has agreed to step down," effective immediately.
DocuSign hired Springer in 2017 after he served as CEO of Responsys, a marketing software provider that Oracle Corporation (NYSE:ORCL) acquired for US$1.5bn.
DocuSign listed its shares on the Nasdaq in 2018, raising US$629mln from an IPO. During the company's first day of trading, its shares rose more than 30%.
Springer's departure comes less than two weeks after DocuSign reported first-quarter earnings that fell short of analyst expectations, accelerating the stock decline.