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Mobileye Global Founder Amnon Shashua to Step Down as CEO; Shares Fall

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Mobileye Global (MBLY) said founder Amnon Shashua plans to step down as CEO once a successor is appointed.

The board will hire an executive search firm to identify the next CEO, Intel-backed (INTC) Mobileye said Thursday in a statement.

Shashua will remain on the board and has been offered the chairman role, where he would focus on long-term technology strategy and Mobileye's humanoid robotics efforts, the statement said.

Mobileye shares fell 13% in Thursday trading, and Intel rose 0.3% as the broader tech sector slumped.

Price: $7.66, Change: $-1.12, Percent Change: -12.76%

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