DocuSign Goes Aggressive On Cost Cuts Within A Week Of Naming Its New Chief

  • DocuSign, Inc (NASDAQ: DOCUrevealed a restructuring plan under new CEO Allan Thygesen.

  • 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.

  • Also Read: Lyft Is Braced For More Tougher Stance As Slowdown Concerns Weigh

  • 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.

  • Thygesen previously served as president of the Americas & Global Partners at Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL).

  • Price Action: DOCU shares traded higher by 4.54% at $55.02 on the last check Wednesday.

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