Disco, an Austin-based legal tech company that went public in 2021, is on the hunt for a new CEO. The company, which operates legally as CS Disco (NYSE: LAW), announced Sept. 11 that its co-founder and CEO Kiwi Camara is stepping down from both his role as chief executive and his spot on the company's board of directors.
Disco didn't provide a reason for the departure. The company's board chairman, local venture capitalist Krishna Srinivasan, said in a statement that the board is grateful for Camara's "vision, passion and dedication to DISCO over the past decade."
A securities filing indicated that Camara notified the board Sept. 10 and said his resignation from the board "is not the result of any disagreement with the company on any matter relating to the company's operations, policies or practices."
Disco's board has named Scott Hill as interim CEO. He was previously chief financial officer at Intercontinental Exchange. Hill joined Disco's board in 2021 and has served as chair of its compensation committee.
The company said its board will conduct a search for a permanent successor.
"DISCO is in excellent hands," Camara said in a statement. "I have every confidence in Scott Hill and the DISCO team as they manage this transition and carry on DISCO’s proud tradition of combining world-class engineering with a deep love and respect for the law to build product experiences that lawyers love."
The departure comes after Camara secured almost $110 million in compensation last year, up from just $1 million the year before. The big compensation figure was mostly driven by $109 million in stock options that were approved by shareholders. Camara's options vest only if the company's average share price hits certain targets or if the company is acquired or Camara loses his job under specific circumstances. It was unclear how his recent departure will impact that protocol.
Disco makes software for e-discovery and other tasks that can be automated, saving lawyers time and frustration managing the huge troves of documents that are now standard in many legal cases. In the second quarter, Disco recorded revenue of $34.3 million, up 2% compared year-over-year, and net loss $14.9 million, compared with $20.2 million a year prior.
