- After about four years in the position
- Praise and thanks for Spruill
- Search for a successor
- Spruill said 67 words
(exechange) — New York, August 24, 2023 — Yancey Spruill, chief executive of DigitalOcean, leaves his position. As announced by DigitalOcean Holdings Inc. in a news release and in a regulatory filing published on Thursday, August 24, 2023, Yancey Spruill leaves his post as chief executive officer at the cloud for startups and SMBs, after about four years in the role, effective when a successor has been appointed.
DigitalOcean will undertake a search for a successor.
“To best position DigitalOcean for long-term success and scalable growth”
DigitalOcean did not give an explicit reason for Yancey Spruill’s planned departure from the CEO post. Warren Adelman, who has served on the Board since 2020 and as lead independent director since 2022, and who has been appointed Executive Chairman of the Board, stated: “As we considered how to best position DigitalOcean for long-term success and scalable growth, the Board and Yancey agreed that now is the right time to prepare for our next phase of leadership. As the search for DigitalOcean’s next CEO progresses, we are focused on identifying a candidate with deep cloud technology and operational expertise to execute the strategic initiatives underway and deliver strong results.”
Precise information regarding Yancey Spruill’s future plans was not immediately available.
DigitalOcean said: “Yancey Spruill will continue to serve as Chief Executive Officer until a successor has been appointed, at which point he will step down from his role and as a member of the Board.”
Share price decline since August 2022
The announcement follows a decline in DigitalOcean Holdings Inc.’s share price of 22% since August 2022.
In the position of CEO since 2019
Yancey Spruill became CEO of the Company in 2019.
Yancey Spruill has served as the Company’s Chief Executive Officer and a member of the Company’s Board since August 2019.
Prior to DigitalOcean, Spruill served as the Chief Operating Officer and Chief Financial Officer of SendGrid, Inc., a customer communication platform for transactional and marketing email, from June 2015 until its acquisition by Twilio Inc. in February 2019.
From September 2014 to June 2015, Spruill served as Chief Financial Officer at TwentyEighty, Inc., a provider of training and performance improvement solutions.
From August 2004 to September 2014, Spruill served as Executive Vice President and Chief Financial Officer at DigitalGlobe, Inc., a provider of geospatial information products and services. Spruill previously served on the board of directors of Ping Identity Corporation, a provider of cloud identity security solutions, from March 2019 until its sale to Thoma Bravo in October 2022; Allscripts Healthcare Solutions, Inc., an electronic healthcare records technology company from 2016 to 2020, and Zayo Group Holdings, a provider of telecommunications infrastructure services, until its sale to a consortium of financial buyers in March 2020.
Spruill received a Bachelors in Electrical Engineering from the Georgia Institute of Technology and an M.B.A. from the Amos Tuck School of Business at Dartmouth College.
67 words by Yancey Spruill
In the release announcing his departure as CEO of DigitalOcean Holdings Inc., Yancey Spruill received praise and thanks.
In announcing his departure, Yancey Spruill said 67 words.
Yancey Spruill stated: “It’s been an honor to serve as DigitalOcean’s CEO for the past four years. I’d like to thank our talented and growing team of 1,200 employees around the world for their passion for and commitment to DigitalOcean’s mission to simplify cloud computing. I look forward to partnering with the Board during this transition period to continue to build on our strong foundation and extend our market leadership.”
Push-out Score for Yancey Spruill’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Yancey Spruill was pushed out or felt pressure to leave his position.
Read the full story in the exechange report 35.2023 ($).