DigitalOcean Appoints New CEO And CFO

  • General
  • July 30, 2019
  • 52
  • 5 minutes read
DigitalOcean’s outgoing CEO, Mark Templeton

image: DigitalOcean

DigitalOcean, a well-known New York-based cloud infrastructure startup, has appointed a new CEO and CFO. DigitalOcean’s new CEO is Yancey Spruill, who previously served as COO and CFO at SendGrid. Spruill, who began his career as an engineer, guided SendGrid through a $150 million IPO in 2017 and a recent sale to Twilio in a $3 billion all-stock deal.

DigitalOcean’s new CFO is Bill Sorenson, who previously served as CFO at Enernoc and Qlik. Sorenson guided Qlik through an IPO in 2010. Qlik was later acquired by private equity firm Thoma Bravo for $3 billion. Sorenson also guided Enernoc through a $250 million sale to the Enel Group in 2017.

A meeting room at DigitalOcean’s NYC office

image: DigitalOcean

Spruill, the new CEO, is replacing Mark Templeton, who announced his decision to step down in May. Templeton has spent just a little more than one year as DigitalOcean’s CEO. He worked closely with DigitalOcean’s board to find a successor.

The new appointments could indicate IPO goals by DigitalOcean. With significant experience of taking companies public, the newly appointed executives may steer DigitalOcean towards that direction. With several companies going public this year, it’s not far-fetched that DigitalOcean may be looking to do the same.

DigitalOcean has raised $305 million in equity and debt funding, according to Crunchbase data. Although its current valuation is not known, the New York-based company was valued at $683 million post-money from a Series B funding in 2015.

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