DocuSign Goes Aggressive On Cost Cuts Within A Week Of Naming Its New Chief

DocuSign, Inc DOCU revealed a restructuring plan under new CEO Allan Thygesen.
DocuSign plans to cut around 9% of its workforce, entailing a charge of $30 million - $40 million, to "improve operating margin and support the company's growth, scale and profitability objectives."
The company said it should have the plan "substantially completed" by the end of its current fiscal year.
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Last week, DocuSign named Allan Thygesen as its new CEO.
Thygesen will assume the strategic leadership of the company and a role on DocuSign's board, effective October 10.
Interim CEO Mary Agnes Wilderotter will conclude her role but will help Thygesen with a smooth transition. Wilderotter will continue serving as Chair of DocuSign's board.
Thygesen previously served as president of the Americas & Global Partners at Alphabet Inc GOOG GOOGL.
Price Action: DOCU shares traded higher by 4.54% at $55.02 on the last check Wednesday.