The DropBox Chief Operations Officer resigned, causing the company stock to tumble on the market today.
Sales Up, COO Out
The four-year veteran and COO, Dennis Woodside, announced yesterday that he would be stepping down from his position in September. The cloud service company reported strong second-quarter earnings yesterday around the same time. These earnings beat out Wall Street expectations.
However, it seems despite the better-than-expected Q2 earnings, investors are concerned with the loss of the high-profile Silicon Valley exec. Woodside previously served as an executive at both Motorola (NYSE:MSI) and Google (NASDAQ:GOOGL).
The COO also oversaw DropBox’s IPO earlier this year. To say that he was a big part of the company’s success over the last four years might be a bit of an understatement.
“We’re grateful for everything Dennis has done for us,” CEO Drew Houston said in a statement. “He’s helped transform Dropbox into a publicly-traded company with over $1 billion in annual revenue and 12 offices around the world.”
Dennis will stay in an advisory role throughout the end of the year.
After the DropBox Chief Operations Officer resigned, Dennis commented:
“I’ve had an amazing four years at Dropbox, and am proud of what we’ve accomplished together. It’s been an honor to work with such exceptionally talented people and help grow and scale our business. I couldn’t be happier for Yamini and Lin on their promotions, and am confident that the new executive team will take the company to even greater heights.”
DropBox Inc. had a 27% increase in its Q2 2018 revenue of $339.2 million compared to its revenue back in Q2 of 2017. DropBox Inc. currently has 11.9 million paid users.
DropBox Stock Movement (NASDAQ:DBX)
According to Yahoo Finance, DBX is currently trading at $31.78 a share, down -$2.65 (-7.69%). The company opened the day down over -10%.