Following DocuSign stock’s precipitous fall from its autumn 2021 high, Chief Executive Officer Dan Springer has stepped down from his role, according to the company. In early December 2021, the software company’s stock dropped 42% on the news that fourth-quarter revenue would fall short of guidance by at least $10 million; the stock has lost more than 60% of its value year-to-date. Springer took on the role in 2017 and took DocuSign public in 2018, later leading the company through the onset of the COVID pandemic.
Although DocuSign started the pandemic strongly as everything shifted online, Springer may have overestimated post-COVID demand for the company’s services, leaving it prone to shrinking returns. The executive’s tepid response and public statements may not have helped his cause. However, DocuSign is not the only tech company of significance to lose more than 50% of its value in 2022—it joins Netflix, Snowflake, Spotify, and others. For the time being, Chairman of the Board Maggie Wilderotter will serve as interim CEO while the company searches for Springer’s replacement.