DocuSign CEO Dan Springer is stepping down, the company announced Tuesday. The decision comes after the e-signature software maker lost more than 60% of its value year to date.
The company didn't provide a reason for his departure but said Springer "has agreed to step aside," effective immediately. Chairman of the Board Maggie Wilderotter will serve as interim CEO as the company begins its search for the next executive. Shares were up about 1% when markets opened.
DocuSign was able to capitalize on the Covid-19 pandemic as more consumers shifted to online transactions and deals. But its business has been slowing in recent quarters, especially as it faces tough comparisons to its dramatic growth in 2020 and early 2021. The deteriorating macro environment has also impacted the company. Shares were off 80% from their 52-week high as of Friday's close.
Springer's departure comes less than two weeks after DocuSign posted fiscal first-quarter earnings that fell short of analyst expectations, accelerating the company's stock plunge even further.