Krach

Seattle electronic signature company DocuSign has tapped Keith Krach — a Silicon Valley veteran best known for co-founding Ariba — as the company’s new CEO.

It marks the third CEO for the electronic signature company in the past 20 months. Krach was appointed chairman of the company in January 2010, incidentally at the same time that CEO Steve King was named CEO.

No reason was given why King, a former E*Trade executive, is stepping down from the company. (We’ve asked the company for comment and will update the post as we hear more).

In a statement, King noted:

“I couldn’t be more pleased to pass the leadership baton to an executive of Keith’s caliber. Keith has been a strong advocate during my tenure as CEO. I look forward to supporting Keith and seeing the continued success of the DocuSign team.”

The move comes less than a month after one of DocuSign’s major competitors, EchoSign, was acquired by Adobe.

Could this signal that Krach and crew are positioning DocuSign for an exit or its own acquisition spree?

Possibly. The company — founded in 2003 — did raise a $27 million venture capital round last December from backers that included Scale Venture Partners, Sigma Partners, Ignition Partners, Frazier Technology Ventures and Salesforce.com. And Krach said that big things are ahead.

“The eSignature market is at an inflection point and going mainstream,” he said in a press release. “With DocuSign’s world-class team, we are poised for incredible growth in the coming years. I look forward to building on the important work Steve accomplished during his tenure by expanding our global network to ensure that DocuSign remains the industry standard for companies and individuals everywhere.”

UPDATE: In a statement, the company said that there are no current plans to relocate the company to be closer to Krach who does not plan to move to Seattle. A spokesperson for the company said that King and the board agreed that Krach is best suited to “lead the company through this next exponential growth phase.”

King, meanwhile, is stepping down to focus on family and non-profits, the spokesperson said.

Comments

  • guest

    Three CEOs in 20 months?

    No way this is the sign of a company that is in good shape

    • Guest 2

      More like its growing fast, really fast.  And needs Executives with the experience to move it forward.

      • Guest

        Are you saying that King cannot handle a fast growing company?  BS.   He was fired because of the poor numbers.

    • http://twitter.com/mikebz Mike Borozdin

      When you get an exec like Keith to agree to lead the company – you take it.

  • Anonymous

    The train has left the station.  DocuSign had a chance two years ago to lead this space and they didn’t/couldn’t. A Jr Mgmt team watched the opportunity pass…. Adobe’s move signals the beginning of the end.

  • FeelBadForEm

    This is not a positive sign….this signals the beginning of the end for DS.  I just hope all of the employees realize that after 55+ Million in capital investments, there’s not going to be much left for any of them.

  • FeelBadForEm

    This is not a positive sign….this signals the beginning of the end for DS.  I just hope all of the employees realize that after 55+ Million in capital investments, there’s not going to be much left for any of them.

  • Guest

    If the company has been doing so great, wouldn’t King want to stay and reap the benefits of all his work?  

  • Bob

    And he’s #4 in the short life of this “company” — guess they could have lost it in the regular stock market or pumping up the only revenue this company ever made (from VCs).

    • Mink

      Company is over 8 years.

    • Mink

      Company is over 8 years.

    • Mink

      You’re an idiot who has no idea what you are talking about.

    • Mink

      You’re an idiot who has no idea what you are talking about.

  • Andy

    Love how the past two CEOs now won’t even bother to move to Seattle and work with their “team.” Is that message really lost on anybody?

    • guest

      Hey, the internet is great, video conferencing and all, but how does a CEO run a company like this remotley?

      Sure looks like a lack of commitment.

  • Me

    These comments below, save for Borozdin, have no clue. First, they’ve been building the SF office for some time– the founder and CFO have been there for over a year. Second, the reason is because of great growth and maturity not due to it’s lack. DocuSign has increased it’s sizable lead in the market– and EchoSign has fallen further behind. DocuSign has 80% share and EchoSign splits the rest with several other vendors. By every conceivable measure, DocuSign is clobbering the market and it’s competition. EchoSign sought refuge in Adobe because they had little options and clearly were losing ground.

  • Me

    These comments below, save for Borozdin, have no clue. First, they’ve been building the SF office for some time– the founder and CFO have been there for over a year. Second, the reason is because of great growth and maturity not due to it’s lack. DocuSign has increased it’s sizable lead in the market– and EchoSign has fallen further behind. DocuSign has 80% share and EchoSign splits the rest with several other vendors. By every conceivable measure, DocuSign is clobbering the market and it’s competition. EchoSign sought refuge in Adobe because they had little options and clearly were losing ground.

  • Guest

    Doubt they are clobbering anybody but their investors — I’m sure the early ones are wiped out by now with revenues per employee not very exciting. And their top location is San Fran, despite their earlier assertions they’d not move the headquarters.

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