DocuSign announced a restructuring plan via SEC filing Thursday detailing its plans to cut “approximately” 10% of its roughly 7,000 employees as part of a reorganization effort.

“The restructuring mainly impacts our worldwide field organization. This action allows us to reshape the company to more effectively position us for profitable growth, while freeing up resources for investments,” a DocuSign spokesperson told Bank Automation News.

The restructuring plan, which follows its September announcement of a 9% reduction of its workforce, will cost DocuSign approximately $25 million to $35 million as the tech company prepares to pay out costs related to employee transition, notice period and severance payments, employee benefits and other non-cash expenses, according to the filing.

The announcement comes on the heels of two leadership additions announced Jan. 30, according to a DocuSign release. The company added Anwar Akram as its chief operating officer and Robert Chatwani as president and general manager of growth.

DocuSign is the latest tech company to announce staff cuts. The following also shrunk teams amid economic uncertainty:

• Amazon;
• Chime;
• FIS;
• Plaid;
• Stripe;
• Zilch; and
• Microsoft.

The plan is expected to be complete by the end of the second quarter of its fiscal 2024. DocuSign’s full year fiscal 2023 earnings are set to be released March 9.

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