Dropbox down just about 10 p.c after COO departs

David Paul Morris | Bloomberg | Getty Photographs

The silhouette of Drew Houston, leader govt officer and co-founder of Dropbox Inc., is noticed strolling on degree right through an match in San Francisco.

Dropbox used to be down just about 10 p.c through the shut on Friday, following its announcement on Thursday that leader working officer, Dennis Woodside, will likely be stepping down in September.

The cloud products and services corporate reported sturdy second-quarter profits after the bell on Thursday, beating Wall Boulevard expectancies on earnings and profits consistent with proportion. However traders appear to be reacting to the lack of a high-profile Silicon Valley govt. Woodside up to now served as an govt at Google and Motorola.

Woodside has been with Dropbox since 2014, and helped oversee its IPO previous this yr.

“We are thankful for the whole thing Dennis has carried out for us,” CEO Drew Houston mentioned in a commentary. “He is helped develop into Dropbox right into a publicly-traded corporate with over $1 billion in annual earnings and 12 workplaces world wide.”

Previous to the announcement, Dropbox’s proportion value had received just about 21 p.c since going public in March. Via Friday’s shut, the ones beneficial properties had been pared all the way down to nine p.c for the yr.

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