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DigitalOcean shares slip as cloud services provider begins search for new CEO

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.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.