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Investing.com -- C3.ai (NYSE:AI) stock fell 4% after the Enterprise AI application software company announced it has initiated a search for a successor to replace founder and CEO Thomas M. Siebel.
The company said the decision comes after Siebel was diagnosed with an autoimmune disease in early 2025 that has caused "significant visual impairment." The search will be conducted by an internationally renowned search firm reporting to a committee consisting of members of the C3.ai board and management team.
"For C3 AI to reach its full potential – which I believe is spectacular – the board and I have initiated a search for a new CEO who can take the company to the next level of growth and success," Siebel said in a statement.
Siebel will remain fully engaged as Chief Executive Officer until his successor is appointed, after which he will transition to the role of Executive Chairman. In this position, he will focus on strategy, product innovation, and strategic partner and customer relationships.
C3.ai, which specializes in enterprise AI application software, has been working to position itself as a leader in the growing artificial intelligence sector. The company went public in December 2020 and has since been expanding its portfolio of AI solutions for various industries.
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