Dropbox Chief Operating Officer Dennis Woodside is leaving next month, the cloud storage company announced as it reported its fiscal second-quarter earnings.
Since joining in 2014, Mr. Woodside has been a key driver of the company’s efforts to cast itself as a provider of software to large companies as well as consumers. That appears to be working, as Dropbox’s valuation has grown from $10 billion to more than $13 billion since he joined. But with Dropbox co-founder Drew Houston firmly ensconced in the CEO role, Mr. Woodside had no clear path to the top, so his departure isn’t all that surprising. Mr. Woodside would likely have no shortage of suitors if he does decide to seek a CEO role at another company. He spent a decade at Google prior to joining Dropbox, including running its U.S. sales arm and serving as CEO of its Motorola Mobility subsidiary.
Dropbox, which beat Wall Street’s earnings expectations for the second straight quarter since its IPO in March, said it doesn’t plan to hire a new COO but will replace Mr. Woodside’s role with two internal executives.