DocuSign on Thursday named Google's Allan Thygesen as its new chief executive. DOCU stock rose in after-market trading on the announcement.
Former DocuSign CEO Dan Springer resigned in June following a string of disappointing earnings reports. The maker of electronic signature software had thrived during the coronavirus pandemic. But DocuSign's growth slowed sharply as in-person business meetings resumed.
At Alphabet's Google unit, Thygesen most recently served as president, Americas & Global Partners, leading the company's more than $100 billion advertising business across North and South America. Earlier, he was president of Google Marketing Solutions.
DOCU Stock Falls 64% In 2022
DocuSign board Chair Mary Wilderotter had served as interim CEO. In a news release, Wilderotter said Thygesen "is a customer-focused innovator with deep experience in e-commerce, the digitalization of business, and leading high-growth scale organizations."
DOCU stock rose 0.6% to 54.31 in extended trading on the stock market today. Shares ended the regular session down 1.1% to 54.
Shares in San Francisco-based DocuSign have retreated more than 64% in 2022.
DocuSign stock holds a Relative Strength Rating of only 9 out of a best-possible 99, according to IBD Stock Checkup.
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