Chairman and CEO Keith Krach told the staff of DocuSign that he would be stepping down as CEO and that a search would commence for a new top exec.
He wrote in a memo to employees obtained by Re/code that he would remain chairman for three more years after the new CEO starts.
The San Francisco-based electronic signature company recently raised more than $300 million at a $3 billion valuation, with investors that have included Deutsche Telekom, Bain Capital Ventures, Iconiq Capital, Dell and Intel Capital. Its total raise has been $525 million, with a panoply of A-list funders such as FedEx, Microsoft, Google Ventures, SAP Ventures, Visa, Salesforce Ventures, Samsung Venture Investment Corporation, Telstra and Comcast Ventures.
DocuSign, whose competitors include Adobe, was founded in 2003 and now has more than 50 million users worldwide.
Here’s the memo:
This article originally appeared on Recode.net.