Dropbox COO Dennis Woodside will be stepping down from his position, according to an announcement made by the company earlier this month. He has no immediate successor. Rather, the company, which is still being led by CEO Drew Houston, will restructure its management team to distribute Woodside’s responsibilities among two internal executives in the organization.
Woodside joined Dropbox in 2014, ostensibly to help the SaaS file sharing company develop a presence in the enterprise software space. Prior to taking the COO position, Woodside worked as Vice President of Google’s America Operations. He also served as CEO of Motorola Mobility.
For all intents and purposes, Woodside’s enterprise strategy has paid off. By scaling aggressively and globally during Woodside’s tenure, the company saw many successes in this new space, while attempting to remain true to the organization’s B2C origins. The file sharing service has consistently exceeded Wall Street expectations with Q2 earnings that surpassed both expected earnings and revenues.
Analysts can cite a number of data points that bolster Woodside’s success. Dropbox (NYSE: DBX) has built a strong brand that earns almost half of its revenue outside of the U.S. and serves over 300,000 teams with an enterprise level SaaS products like Dropbox Paper.
There will be other roles that are affected in the reorganization of Dropbox’s management team as well. Dropbox’s VP of Business Strategy, Yamini Rangan, will be moving over to become the Chief Customer Officer. Both Rangan and current comms VP Lin-Hua Wu will now report directly to Houston.
The San Francisco-based company also remains bullish on recruiting new talent, and recently hired a new VP of product and a VP of product marketing.
Dropbox went public earlier this year and immediately saw its share price increase by 40%. The company ended up pricing its IPO above expectations, which valued the company at $8.2 billion. The company raised $756 million in the IPO, which was the biggest IPO since Snap in 2017. The stock has remained strong so far since the IPO, causing investors to have even more confidence.