RESEARCH TRIANGLE PARK – DocuSign on Thursday became the latest tech firm to cut jobs – some 10% of its workforce. In an SEC filing, here’s how the company described the layoffs:
Costs Associated with Exit or Disposal Activities.
“On February 16, 2023, DocuSign, Inc. (the “Company”) announced a restructuring plan (the “Restructuring Plan”) that is designed to support the Company’s growth, scale and profitability objectives. As part of the Restructuring Plan, the Company expects it will restructure and reduce its current workforce by approximately 10%, primarily in the Company’s worldwide field organization.
‘The Company currently estimates that it will incur charges of approximately $25 to $35 million in connection with the Restructuring Plan, consisting primarily of cash expenditures for employee transition, notice period and severance payments, employee benefits, and related costs as well as non-cash expenses related to vesting of share-based awards. The Company expects that the majority of the restructuring charges will be incurred in the first quarter of fiscal 2024, and that the execution of the Restructuring Plan will be substantially complete by the end of the second quarter of fiscal 2024.
“Potential position eliminations in each country are subject to local law and consultation requirements, which may extend this process further in certain countries. The charges that we expect to incur are subject to a number of assumptions, including local law requirements in various jurisdictions, and actual expenses may differ from the estimates disclosed above.”
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