New York stock-exchange listed eDiscovery provider DISCO has announced that co-founder and CEO Kiwi Camara has stepped down as CEO and as a member of the board of directors. Scott Hill has been named as interim CEO while the board of directors searches for a permanent successor. Hill has served as a member of DISCO’s board of directors since June 2021 and was previously CFO of Intercontinental Exchange.
Camara was previously in the news in July this year when publications including the Wall Street Journal, Fortune and Yahoo Finance reported that he secured almost $110m in earnings last year, which was higher than Apple’s Tim Cook. “CS Disco, with a book value slightly exceeding $500 million, stands in stark contrast to Apple’s massive $2.98 trillion net worth,” Yahoo Finance observed.
Since its founding in 2013, DISCO has grown to become a global eDiscovery player with more than 1,400 customers. However, as a listed company it has been beset with negative press as it struggled to become profitable. In 2022 DISCO saw its stock price plummet after announcing that its adjusted EBITDA (the metric used to calculate cash flow) will be a loss of between $60m to $56m, which was worse than previously predicted. In January, DISCO announced that it would lay off 62 employees, or about 9% of its workforce.
Things had started to improve, however, and in August this year, DISCO announced that revenue for Q2 was $34.3m and adjusted EBITDA had further reduced to negative $7.4m, with Camara noting that the company was pleased with its progress towards profitability.
“DISCO was founded on the idea that better technology can improve legal outcomes and improve the experience of practicing law,” said Krishna Srinivasan, chair of DISCO’s board of directors. “Now, we look forward to continuing our technology leadership by applying the latest advances in AI to legal problems. We are grateful to Kiwi for his vision, passion, and dedication to DISCO over the past decade.”