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DigitalOcean CEO removed from position and board

14 points by mmegger 3y ago

jschveibinz 3y ago
The original article’s headline is “DigitalOcean Announces Leadership Transition” and nowhere in the article does it say that the CEO has been removed.
- mmegger 3y ago
  "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." That's corporate speak for removal. Based on the speed in which this announcement was made in regard to the investigation into misleading financial statements https://www.globenewswire.com/news-release/2023/08/21/2728963/0/en/INVESTIGATION-ALERT-The-Gross-Law-Firm-Notifies-Shareholders-of-DigitalOcean-Holdings-Inc-of-an-Investigation-and-Potential-Class-Action-Lawsuit-NYSE-DOCN.html https://www.globenewswire.com/news-release/2023/08/21/272896... it's pretty obvious.
  - colesantiago 3y ago
    This is misleading and borderline clickbait. There does not say anywhere in the article about "removal" or "remove" Please keep the original title: "DigitalOcean Announces Leadership Transition"
    - icedchai 3y ago
      It is implied. Or do you think he removed himself? Because that is the only other option.
      - brucethemoose2 3y ago
        Even so, the headline should not be editorialized like that. If the implication is that obvious, readers will pick it up from the original title.
        eviks 3y ago
        Readers won't pick it up from the title since the corporate speak won't fit in the title, so it will be missing the necessary details
        Maxious 3y ago
        An update on our CEO and Board
impulser_ 3y ago
I hope they find someone that leads like Matthew Prince and not another corporate businessman looking to smooth sail and collect a check. DigitalOcean needs more innovation than anything. I think this is where their current CEO made the biggest mistake. He spent billions in buyback using debt when instead he should have put that money into innovation and growth. Lately the pace of innovation at DigitalOcean is almost nothing. All of their latest features have been bought. Nimbella for functions. Cloudways for website hosing, and Paperspace for GPUs. They need someone that understands why DigitalOcean is liked by developers. They need to go back to focusing on great documentation and building features and tooling to make it even easier for developers to build and scale on their platform.
halfpastten 3y ago
Not terribly surprising. Has been a rough 2023 for DOCN. The layoffs in February, the new staffing model, guidance hit, financial controls deficiency, and the walkout probably has the board scared.

14 points by mmegger 3y ago

The original article’s headline is “DigitalOcean Announces Leadership Transition” and nowhere in the article does it say that the CEO has been removed.

mmegger 3y ago
"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." That's corporate speak for removal. Based on the speed in which this announcement was made in regard to the investigation into misleading financial statements https://www.globenewswire.com/news-release/2023/08/21/2728963/0/en/INVESTIGATION-ALERT-The-Gross-Law-Firm-Notifies-Shareholders-of-DigitalOcean-Holdings-Inc-of-an-Investigation-and-Potential-Class-Action-Lawsuit-NYSE-DOCN.html https://www.globenewswire.com/news-release/2023/08/21/272896... it's pretty obvious.
- colesantiago 3y ago
  This is misleading and borderline clickbait. There does not say anywhere in the article about "removal" or "remove" Please keep the original title: "DigitalOcean Announces Leadership Transition"
  - icedchai 3y ago
    It is implied. Or do you think he removed himself? Because that is the only other option.
    - brucethemoose2 3y ago
      Even so, the headline should not be editorialized like that. If the implication is that obvious, readers will pick it up from the original title.
      - eviks 3y ago
        Readers won't pick it up from the title since the corporate speak won't fit in the title, so it will be missing the necessary details
        Maxious 3y ago
        An update on our CEO and Board

impulser_ 3y ago

I hope they find someone that leads like Matthew Prince and not another corporate businessman looking to smooth sail and collect a check. DigitalOcean needs more innovation than anything. I think this is where their current CEO made the biggest mistake. He spent billions in buyback using debt when instead he should have put that money into innovation and growth. Lately the pace of innovation at DigitalOcean is almost nothing. All of their latest features have been bought. Nimbella for functions. Cloudways for website hosing, and Paperspace for GPUs. They need someone that understands why DigitalOcean is liked by developers. They need to go back to focusing on great documentation and building features and tooling to make it even easier for developers to build and scale on their platform.

halfpastten 3y ago

Not terribly surprising. Has been a rough 2023 for DOCN. The layoffs in February, the new staffing model, guidance hit, financial controls deficiency, and the walkout probably has the board scared.