Investing.com -- DigitalOcean Holdings (NYSE:DOCN) said that it has started hunting for a successor to current Chief Executive Officer Yancey Spruill, as the cloud services provider targets a new "phase of leadership."
In a statement, DigitalOcean added that Spruill will continue to serve as CEO until a candidate for the job is appointed. Spruill will then step down from both that role and his position as a board member, the company said.
Shares in the smaller rival to Amazon's (NASDAQ:AMZN) Amazon Web Services were trading down by more than 10% in the wake of the announcement.
Earlier this month, the company skipped posting second-quarter income figures, saying a mistake led to an overstatement in its accrued taxes and income tax expenses. DigitalOcean, which also slashed its full-year total revenue guidance at the time, said it had identified a "material weakness" in its internal financial reporting controls.
The group debuted on the New York Stock Exchange in March 2021, riding a wave of demand for cloud computing during a pandemic-shift to remote working.