DocuSign has appointed former Google CEO Allan Thygesen as its new CEO

DocuSign Shares are up more than 3% in extended trading after the electronic signature software maker announce I rented the alphabet CEO, Alan Thijson, to be the next CEO. This announcement comes three months after DocuSign He said Its CEO for the past five years, Dan Springer, has been stepping down.

Like other cloud software companies, DocuSign has enjoyed a wave of greater interest among investors during the Covid pandemic as consumers and corporate workers become more dependent on digital ways to sign documents. But the interest faded. Despite the after-hours movement, DocuSign shares are down 64% so far this year.

On October 10, Thygesen will replace DocuSign’s president and interim CEO, Maggie Wilderotter, and join the company’s board of directors. Thygesen spent nearly 12 years at Alphabet’s Google subsidiary, most recently as President of the Americas and Global Partners. According to him, in this role he was responsible for $100 billion in Google advertising revenue LinkedIn profile. He is a member of the board of directors of the cloud communications company RingCentral.

“DocuSign has a long history of providing the most trusted and integrated platform for digital agreements, and I am honored to lead the company in its next great chapter,” Thygesen was quoted as saying in a statement. “We have a $50 billion global market opportunity that is largely untapped. I look forward to working with our world-class team to seize this opportunity by growing our diverse client base across industries and geographies.”

Earlier this month DocuSign mentioned Revenue growth of 22% in the quarter ended July 31, compared to growth of 58% in 2021.

The company went public on the NASDAQ Stock Exchange in 2018, and it competes in the first place Adobe, which offers the Acrobat Sign service. Springer said at a UBS conference in December that Adobe is “focused on selling value that says, ‘Hey, we’re not going to be able to be as good as DocuSign. “

In June, as investors were tired of losing stocks and looking for more defensive investments that could withstand rising interest rates, DocuSign released results that missed analysts’ expectations, sending the stock down nearly 25%.

Thygesen will receive restricted stock units in addition to his other compensation if the company is able to meet certain stock goals, according to regulatory deposit.

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