DocuSign today announced that it has hired Allan Thygesen as its next CEO, effective October 10. Thygesen was most recently at Google where he was President of Americas and Global Partners.
He was responsible for Google’s $100 billion advertising business in the Americas, a pretty big business by any standard, and a position that should prepare him for his new job.
He joins a company that continues to lead the e-signature industry, but whose stock price has fallen sharply, falling 80% in the past year and 65% since the start of the year.
For the latest earnings report, the company reported healthy revenue of $622 million, a 22% increase over the prior year. This is a business with an operating rate of nearly $2.5 billion, certainly the bones of a healthy business.
These stock losses, however, are numbers that are prompting boards and investors to act, and former CEO Dan Springer, who had been with the company for five years, resigned in June, likely seeing the writing on the wall.
Maggie Wilderotter, who has served as interim CEO since Springer’s departure, sees Thygesen as someone with the experience to help the company move forward. “He is a customer-focused innovator with deep experience in e-commerce, business digitization, and leading high-growth organizations. The Board believes Allan is the right leader to help DocuSign to continue to seize the huge market opportunity ahead of us,” she said in a statement.
DocuSign is certainly a company built for the digital age, removing much of the friction of signing and moving documents through a workflow. The company recently announced end-to-end contract lifecycle management in Slack. Earlier this year, he announced the signing of documents inside Zoom.
Both of these moves should help increase the product’s usage in popular enterprise SaaS products and should bode well for the company’s future.
According to data from Deloitte, DocuSign is the undisputed leader in the electronic signature market, with a 75% market share. Competitors include Adobe Sign, HelloSign from Dropbox, and Box Sign.
Wilderotter will return to his previous position when Thygessen starts on October 10.