AUSTIN, Texas - CS Disco (OTC:DSCSY), Inc. (NYSE: LAW), a provider of AI-powered legal solutions, has named Eric Friedrichsen as its new President and Chief Executive Officer, effective April 29, 2024.
Friedrichsen, who brings extensive leadership experience from his previous roles in technology firms, will also join the company's Board of Directors. The outgoing CEO, Scott Hill, will transition to the role of Board Chair on May 12, 2024, after assisting Friedrichsen with the leadership changeover.
The appointment concludes a thorough search for a candidate capable of steering DISCO through its upcoming phase of growth. Board Chair Krishna Srinivasan expressed confidence in Friedrichsen's ability to scale the business and foster a robust company culture. Srinivasan also commended Hill for his leadership during a challenging period in 2023.
Hill praised DISCO's team for their dedication and resilience over the past year and voiced his support for Friedrichsen as the right leader to propel DISCO forward. Friedrichsen himself expressed enthusiasm for DISCO's mission to improve the legal industry and his intent to focus on delivering value to customers and investors.
Friedrichsen's career includes a tenure as CEO of Emburse, LLC, and leadership positions at Marketo Inc. and SAP. He holds a B.B.A. in Management Information Systems from the University of Iowa.
DISCO offers cloud-native, AI-powered legal products designed to streamline processes for legal professionals. With over 1,400 customers as of December 31, 2023, including top law firms, DISCO continues to expand its market presence.
The information for this article is based on a press release statement from DISCO.
InvestingPro Insights
As CS Disco, Inc. (NYSE: LAW) embarks on a new chapter with Eric Friedrichsen at the helm, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, DISCO currently holds a market capitalization of $522.69 million, reflecting the market's valuation of the company. Despite the challenges of the past year, DISCO has maintained a strong gross profit margin of 74.69% over the last twelve months as of Q4 2023. This indicates the company's effectiveness in managing its cost of goods sold and maintaining profitability on its products and services.
One of the InvestingPro Tips highlights that DISCO does not pay a dividend to shareholders, which may be a strategic decision to reinvest earnings back into the company for growth and development. Additionally, analysts are taking note of DISCO's significant price performance, with a robust return of 22.3% over the last month and an even more impressive 33.17% over the last six months.
Investors interested in a deeper dive into DISCO's financials and market performance can find additional insights on InvestingPro, including more InvestingPro Tips that can help guide investment decisions. There are currently 7 additional tips listed for DISCO on InvestingPro. For those looking to leverage these insights, be sure to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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