–Board Initiates CEO Search Process

-Yancey Spruill to Step Down as CEO Once Successor Appointed

-Warren Adelman Appointed Executive Chairman of the Board of Directors

DigitalOcean Holdings Inc. , the cloud for startups and SMBs, announced its implementation of a leadership succession plan to identify the Company’s next CEO. Yancey Spruill will continue to serve as Chief Executive Officer until a successor has been appointed, at which point he will step down from his role and as a member of the Board.

The Board has convened a Search Committee to identify DigitalOcean’s next CEO, and the search process is already underway. The Board has also retained Spencer Stuart, a leading executive search firm, to assist in the process.

The Company also announced that Warren Adelman, who has served on the Board since 2020 and as lead independent director since 2022, has been appointed Executive Chairman of the Board, effective immediately.

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“On behalf of the Board, we’re pleased to have Warren assume the role of Executive Chairman as we focus on identifying a new CEO and working closely with the executive team to drive value for our shareholders.”

“As we considered how to best position DigitalOcean for long-term success and scalable growth, the Board and Yancey agreed that now is the right time to prepare for our next phase of leadership,” said Adelman. “As the search for DigitalOcean’s next CEO progresses, we are focused on identifying a candidate with deep cloud technology and operational expertise to execute the strategic initiatives underway and deliver strong results.”

Adelman continued, “We appreciate Yancey’s significant contributions and dedicated years of service to DigitalOcean, including his successful efforts in taking our Company public. We are grateful to have the benefit of Yancey’s continued leadership as we search for DigitalOcean’s next CEO and ensure a smooth transition for the benefit of all stakeholders.”

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“It’s been an honor to serve as DigitalOcean’s CEO for the past four years,” said Spruill. “I’d like to thank our talented and growing team of 1,200 employees around the world for their passion for and commitment to DigitalOcean’s mission to simplify cloud computing. I look forward to partnering with the Board during this transition period to continue to build on our strong foundation and extend our market leadership.”

“Warren is a deeply experienced technology leader and has been an instrumental member of the Board for nearly three years,” said Pueo Keffer, Director of the DigitalOcean Board. “On behalf of the Board, we’re pleased to have Warren assume the role of Executive Chairman as we focus on identifying a new CEO and working closely with the executive team to drive value for our shareholders.”