Synaptics shares tumble after CEO departs to Lumentum: LITE stock up

Synaptics Incorporated

04/02/2025 15:04

** Shares of Synaptics  SYNA.O  down 10.7% at $75.93 early Tues
after co said its CEO departed to head Lumentum  LITE.O 
** San Jose, California-based artificial intelligence co late
Mon said CEO Michael Hurlston stepped down to assume CEO role at
Lumentum
** Hurlston to take the reins on Fri at Lumentum, which is also
based in San Jose and makes optical products for cloud and AI
applications, Lumentum said 
    ** LITE shares up 1% at $85.11 early Tues
    ** Hurlston was Synaptics chief since 2019, and before that,
he was exec VP of worldwide sales at Broadcom
    ** He succeeds Alan Lowe, Lumentum CEO since 2015. Lowe to
remain on co's board
    ** Synaptics board appointed CFO Ken Rizvi as interim CEO
and said began search for permanent replacement
    ** Co also released preliminary fiscal Q2 results; it
expects rev of $267 mln vs Street consensus of $265.1 mln, and
anticipates EPS to be above the mid-point of guidance provided
in Nov
    ** With move on the session, SYNA shares have shed ~28% over
the past year
    ** LITE shares were trading around $56.50 a year ago
     

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))