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

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