DigitalOcean appoints Paddy Srinivasan as CEO effective Feb 12, 2024

DigitalOcean Holdings, Inc.

Srinivasan receives $600k base salary, 100% target bonus, and $17M RSU with 4-year vest.
PRSU valued at $8M vests on stock price targets: $65, $100, $135, $170 over 5 years.
Outgoing CEO Yancey Spruill departs as of February 12, 2024.
Srinivasan was CEO of GoTo ($1B+ revenue SaaS) and previously at Amazon, Microsoft, and Oracle.
New CEO will participate in Q4 2023 earnings call on Feb 21, 2024.

item 5.02 item 9.01

Executive movements

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Departed

Yancey Spruill

Chief Executive Officer

DOCN · DigitalOcean Holdings, Inc.

Effective: 2024-02-12
Successor: Padmanabhan Srinivasan
Filed: January 17, 2024, 6:59 PM ET

as of the Employment Date, Mr. Spruill will depart from the Company.

Appointed

Padmanabhan Srinivasan

Chief Executive Officer

DOCN · DigitalOcean Holdings, Inc.

Effective: 2024-02-12
Filed: January 17, 2024, 6:59 PM ET

On January 11, 2024, DigitalOcean Holdings, Inc. (the “Company”) entered into an employment agreement with Padmanabhan Srinivasan (the “Srinivasan Agreement”) to serve as Chief Executive Officer of the Company, effective as of the commencement of his employment, which is currently expected to be on or around February 12, 2024 (the “Employment Date”).

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Yancey Spruill departed as Chief Executive Officer at DigitalOcean Holdings, Inc..

Action: departed
Role: Chief Executive Officer

Exact text from the filing

as of the Employment Date, Mr. Spruill will depart from the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Padmanabhan Srinivasan was appointed as Chief Executive Officer at DigitalOcean Holdings, Inc..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

On January 11, 2024, DigitalOcean Holdings, Inc. (the “Company”) entered into an employment agreement with Padmanabhan Srinivasan (the “Srinivasan Agreement”) to serve as Chief Executive Officer of the Company, effective as of the commencement of his employment, which is currently expected to be on or around February 12, 2024 (the “Employment Date”).

View on SEC.gov

DigitalOcean Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001582961-24-000010

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