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Key Takeaways
- Shares of semiconductor maker Lattice slid nearly 16% Monday as Chief Executive Officer Jim Anderson left to lead another electronics manufacturer, Coherent Corp.
- Coherent shares jumped 23% following the news that Anderson is replacing its retiring CEO.
- Lattice said Chief Marketing officer Esam Elashmawi is being elevated to the role of interim CEO while the company’s board starts a search for a permanent replacement.
A pair of electronics manufacturers saw their stocks make big moves Monday as Lattice Semiconductor (LSCC) shares fell nearly 16% on news that Chief Executive Officer Jim Anderson left to take the same job at Coherent Corp. (COHR), whose shares jumped 23%.
Lattice also announced that Chief Marketing Officer Esam Elashmawi would be elevated to the role of interim CEO while the board begins its search for a permanent replacement.
Anderson previously held leadership positions at other companies in the tech industry, including Intel (INTC) and Advanced Micro Devices (AMD). Anderson is replacing Coherent’s retiring CEO, Vincent Mattera Jr., the company said Monday.
Coherent was identified by JPMorgan analysts earlier this year as one of many companies that could benefit from the boom in demand for artificial intelligence-related products and technology.
Coherent shares rose 22.9% to close trading Monday at $70.10, while Lattice fell 15.5% to $62.74. Shares of Coherent have gained 61% so far this year, while Lattice is off 9.1%
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