Cloud-computing company DigitalOcean (NYSE: DOCN) didn't have any news scheduled, so investors likely didn't expect anything eventful today. However, the company announced yesterday afternoon that CEO Yancey Spruill will be stepping down as soon as they can find a replacement. The market was clearly taken aback by this announcement, which is why DigitalOcean stock was down 11% at 10:15 a.m. ET.

Leadership changes are hard enough when they're planned long in advance. But DigitalOcean's CEO search feels abrupt. The company reported financial results for the second quarter of 2023 earlier this month without any indication that a change was in the works. And I'm personally unaware of any previous plans for Spruill to move on from the company.

DigitalOcean's board of directors said it's looking for a CEO with "Deep cloud technology and operational expertise," which might suggest where it believes Spruill's leadership fell short.

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Source Fool.com