DocuSign Hires Former Google Ads Manager Allan Thygesen as New CEO •

    DocuSign announced today that it hired Allan Thygesen as the next CEO, effective October 10. Thygesen was most recently at Google, where he served as President of the Americas and Global Partners.

    He was in charge of Google’s $100 billion ad business in America, a pretty significant company anyway, and a position that should prepare him for his new job.

    He joins a company that is still in charge of e-signatures, but whose share price has taken a significant dent, dropping 80% in the past year and 65% to date.

    For the most recent earnings report, the company reported healthy sales of $622 million, up 22% from the prior year. This is a company with a run rate of almost $2.5 billion, certainly the bones of a healthy company.

    Those stock losses, however, are numbers that prompt boards and investors to take action, and former CEO Dan Springer, who has been with the company for the past five years, said: resigned in June, probably seeing the writing on the wall.

    Maggie Wilderotter, who has served as interim CEO since Springer’s departure, sees Thygesen as an individual with the experience to drive the company forward. “He is a customer-centric innovator with deep experience in e-commerce, the digitization of businesses and leading high-growth organizations. The board believes Allan is the right leader to help DocuSign continue to capitalize on the huge market opportunities ahead,” she said in a statement.

    DocuSign is certainly a company built for the digital age, removing much of the friction around signing and moving documents through a workflow. The company recently announced end-to-end contract lifecycle management within Slack. Earlier this year, it announced the signing of documents in Zoom.

    Both steps should help increase the use of the product in popular enterprise SaaS products and bode well for the company’s future.

    According to data from Deloitte, DocuSign is the clear market leader in electronic signatures, with a market share of 75%. Competitors include Adobe Sign, Dropbox’s HelloSign, and Box Sign.

    Wilderotter will return to her previous role when Thygessen starts on October 10.

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