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Keith Krach of DocuSign
Keith Krach of DocuSign

Keith Krach, who was named CEO of DocuSign in 2011, plans to step down from the electronic signature powerhouse. The company plans to begin a search for a new CEO, and Krach will remain as executive chairman for three years after the new CEO is named.

Krach is a former vice president at General Motors, who previously co-founded Ariba.

The news comes a day after DocuSign announced that Deutsche Telekom had joined the company’s broad investor base, bringing total capital raised in the company to $525 million. The company — founded in Seattle in 2003 by Tom Gonser — is reportedly valued at more than $3 billion. It maintains large offices in both San Francisco and Seattle.

In a memo to staff obtained by Re/code, Krach said “with the company on such solid footing, now is the perfect time to move forward with our succession plans.”

Interestingly, at the GeekWire Summit last week, Gonser discussed his decision to find a full-time CEO to run the company.

Previously on GeekWire: DocuSign’s Tom Gonser on his decision to be founder and chief strategist, but not CEO

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