Allan Thygesen, attends YouTube Brandcast 2022 at the Imperial Theater on May 17, 2022 in New York City.
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DocuSign shares rose more than 3% in extended trading after the maker of the digital signature software announced it rented a Alphabet executive, Allan Thygesen, becomes its next CEO. Notice up to three months after DocuSign speak Its CEO for the past five years, Dan Springer, has resigned.
Like other cloud software companies, DocuSign is receiving a greater wave of investor interest during the Covid pandemic as consumers and corporate employees increasingly depend on digital ways to sign. document. But interest has waned. Despite the after-hours move, DocuSign stock is down 64% so far this year.
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On October 10, Thygesen will replace DocuSign president and interim CEO, Maggie Wilderotter, and join the company’s board of directors. Thygesen spent nearly 12 years at Alphabet’s Google subsidiary, where he was most recently president of the Americas and global partners. In that role, he’s responsible for $100 billion in Google’s ad revenue, according to LinkedIn Profile. He sits on the board of the cloud media company RingCentral.
“DocuSign has a long history of providing the most trusted, fully integrated platform for digital agreements and I am honored to lead the company in its next big chapter,” said Thygesen. quoted in a statement. “We have a $50 billion global market opportunity that is largely untapped. I look forward to working with our world-class team to seize that opportunity by growing. our diverse customer base across industries and geographies.”
Earlier this month DocuSign report Revenue growth of 22% for the quarter ended July 31, compared with 58% growth in 2021.
The company listed on Nasdaq in 2018 and mainly competes with Adobe, providing Acrobat Sign service. Springer said at a UBS conference in December that Adobe is “focused on selling value saying, ‘Hey, we’re not going to be as good as DocuSign. “
In June, as investors grew tired of losing stocks and turned to more defensive investments that could withstand rising interest rates, DocuSign delivered results that didn’t live up to investors’ expectations. analysis, sending the stock down nearly 25%.
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