DocuSign layoffs will impact roughly 9% of the software company's workforce, according to a filing with the SEC. The DocuSign job cuts will trigger restructuring charges of roughly $30 million to $40 million to cover employee severance payments and related costs, the company indicated.
The restructuring plan surfaces roughly one week after DocuSign named Google veteran Allan Thygesen as the company's next CEO. Thygesen will succeed interim CEO Mary Agnes on October 10, 2022.
DocuSign has 8,624 employees listed on LinkedIn as of September 29, 2022. The company, founded in 2003, is based in San Francisco, California.
Related: See all technology industry layoffs for 2022 listed here.
Former DocuSign CEO Dan Springer left the company in June 2022 after the firm announced surprisingly weak quarterly profits. More recently, DocuSign in early September 2022 said revenue was $622.2 million in Q2 of fiscal 2023, up 22% year-over-year.
Demand for DocuSign's electronic signature software was particularly strong during the COVID-19 global pandemic. Indeed, remote workers and stay-at-home legal teams leveraged the software to keep legal documents flowing throughout the pandemic.
DocuSign's partner program is designed for companies regardless of whether they "build technology, resell, refer or service DocuSign solutions."
