CS Disco is in turmoil as CEO Kiwi Camara resigns unexpectedly. What happens next for the company and Camara’s $110 million package?
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We have got some breaking news in the business world.
Kiwi Camara, the big boss of CS Disco, has suddenly left the building. Let us explain what happened and what it means for the company and Camara himself.
What is Going On?
So, just about a year ago, the people who own shares in CS Disco agreed to give Camara, who is also one of the people who started the company, a huge pay package of close to $110 million.
Yes, you read that right – 110 million! However, he has resigned now, and we do not know much about why he chose to leave.
A Big Change for the Shares
Since this big announcement came out, the value of CS Disco’s shares has decreased by almost 20%.
Remember, when the company first became public in July 2021, one share was worth $32. However, now, it is less than $8. That is quite a drop.
What Happens to That Huge Pay Package?
What happens to that massive amount of money Camara was supposed to get? It takes much work.
See, most of that money was in the form of options to buy shares in the company at a discounted rate.
However, he might lose all of those options because he left before reaching some agreed targets.
We are talking about losing options to buy more than 4 million shares!
However, there are some scenarios where he might still get to keep them, like if the company gets bought by another company or if he is asked to leave without a solid reason.
Who is the New Boss?
While all this is being sorted out, Scott Hill will take over for now.
He has been working with the company for two years on the board.
However, Hill is not doing this for free – he is getting $50,000 monthly, plus some company shares.
What is Next for CS Disco?
It is a big question mark right now.
Camara was a well-known name, not just because he was the head of CS Disco but also because he had done some pretty impressive things in his career, including graduating from a top law school at only 19 years old.
Under Camara’s leadership, the team at CS Disco was known as “Discovians,” and he earned more than the CEO of Apple, Tim Cook, last year.
However, with him leaving so suddenly, many changes will likely come up.
Stay tuned as we update you on the latest happenings in this unfolding story.
It will be a topic of discussion in the coming days and weeks as everyone tries to figure out what is going on and what is next for CS Disco and its former CEO, Kiwi Camara.
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