DocuSign plans to cut around 9% of its workforce, entailing a charge of $30 million - $40 million, to "improve operating margin and support the company's growth, scale and profitability objectives."
The company said it should have the plan "substantially completed" by the end of its current fiscal year.
Last week, DocuSign named Allan Thygesen as its new CEO.
Thygesen will assume the strategic leadership of the company and a role on DocuSign's board, effective October 10.
Interim CEO Mary Agnes Wilderotter will conclude her role but will help Thygesen with a smooth transition. Wilderotter will continue serving as Chair of DocuSign's board.
Price Action: DOCU shares traded higher by 4.54% at $55.02 on the last check Wednesday.
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