AI assistant developer Cerence up, former Intel head Brian Krzanich named CEO

Cerence

07/10/2024 15:21

** Shares of automobile-focused AI software company Cerence
Inc  CRNC.O  jumps ~28% to $3.44 
    ** Co says Stefan Ortmanns to be replaced by Brian Krzanich,
former CEO of CDK Global and Intel  INTC.O , effective
immediately
    ** Ortmanns to leave CRNC after nearly three years at the
helm of the company
    ** Co also reaffirms FY 2024 forecast of revenue in the
range $44 mln to $50 mln
    ** 1 of 8 brokerages rate the stock "buy" or higher and 7
"hold"; median PT is $4.25 - LSEG
    ** As of Friday's close, stock had fallen ~86% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com))