S&P 500
7,507.80
-0.22%
Dow Jones
51,595.40
-0.32%
Nasdaq 100
30,411.80
-0.23%
Russell 2000
2,975.48
-0.09%
FTSE 100
10,384.80
-0.34%
Nikkei 225
71,987.20
+0.02%

Technology

Marvell Soars Despite Senior Leadership Stepping Down

Photo of Chris Lange
By Chris Lange Updated Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
Marvell Soars Despite Senior Leadership Stepping Down

© Thinkstock

Marvell Technology Group Ltd. (NASDAQ: MRVL) watched its shares jump in Tuesday’s regular trading session following an announced transition in senior leadership. The company announced the departure of CEO Sehat Sutardja and President Weili Dai from their management positions, effective immediately.

Both Sutardja and Dai will remain on the board of directors, with Sutardja continuing as chairman. The board, along with a leading executive search firm, will conduct a search for a new chief executive officer and president.

To oversee day-to-day leadership of Marvell’s operations, the board has formed an Interim Office of the Chief Executive, which will be led by Maya Strelar-Migotti, Executive Vice President of the Smart Networked Devices and Solutions (SNDS) Business Group, and Pantelis Alexopoulos, Executive Vice President of the Storage Business Group. Each has the authority to exercise all powers of the CEO.
[nativounit]
Arturo Krueger, Marvell’s lead outside director, commented:

The Board would like to thank Sehat and Weili for their enormous contributions and service since they founded Marvell in 1995.  Marvell has revolutionized the world through its innovative technology and breakthrough designs in the semiconductor industry.  However, the Board believes that the time has come to move in a new leadership direction.  The Company’s highest priority is to leverage Marvell’s strong core business and technology to drive the next stage of product innovation and profitable growth.  The Board has full confidence in the proven ability of Maya and Pantelis, together with the other members of the Interim Office of the Chief Executive and all of Marvell’s employees, to continue providing world-class research and development and customer support during this time of transition.  We look forward to demonstrating our continuing commitment to excellence in our products and service, as well as to creating value for our shareholders.

Shares of Marvell were last seen up nearly 12% at $10.76 on Tuesday, with a consensus analyst price target of $10.39 and a 52-week trading range of $7.40 to $15.47.

DISCLOSURE:
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org). Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees. Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org). There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options  Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation.
Follow 24/7 Wall St. on Google
Photo of Chris Lange
About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.

Latest Podcast Episode

SpaceX Goes Public! Is It A Launch Pad For Investors Or A Black Hole?

Play

41 min
Apple Podcasts Spotify

Continue Reading

Paul Ausick |

Marvell Stock Tumbles on Internal Investigation, Big Loss

Marvell Technology revealed that the board's audit committee "is conducting an independent investigation of certain accounting and internal control matters"…

Jon C. Ogg |

A Very Odd CEO Departure at Molycorp… Very Odd Indeed

Molycorp, Inc. (NYSE: MCP) was having a good day with a rally of almost 6%. Any positive gain here is…

Douglas A. McIntyre |

WellPoint CEO Quits

Investors have called for the CEO of WellPoint Inc. (NYSE: WLP) to step down because of poor earnings, a loss of…

Marathon Sinks on CFO Departure
Chris Lange |

Marathon Sinks on CFO Departure

Marathon Oil watched its shares sink during Monday’s regular trading session after it announced some changes to its upper management.

Why DBV Technologies Is Changing Up Senior Leadership
Chris Lange |

Why DBV Technologies Is Changing Up Senior Leadership

DBV Technologies shares made a handy gain on Thursday after the company announced that it would be making some changes…

Alexion Pharmaceuticals Shuffles the Deck With Recent Executive Changes
Chris Lange |

Alexion Pharmaceuticals Shuffles the Deck With Recent Executive Changes

Alexion Pharmaceuticals saw its shares slide on Monday after the company reported a change in its executive team.

Lowe’s Plans Ahead for CEO Departure
Chris Lange |

Lowe’s Plans Ahead for CEO Departure

Lowe’s Companies shares made a handy gain early on Monday after the firm announced that it would soon be implementing…

Paul Ausick |

Target CEO Sacked

Target sacked Gregg Steinhafel, its CEO/president/chairman, and there should be little doubt about why: the massive data breach that hit…

Is Teva’s CEO Departure Long Overdue?
Chris Lange |

Is Teva’s CEO Departure Long Overdue?

Teva Pharmaceutical saw its shares tumble on Tuesday after the company announced a changing of the guard. This CEO departure…

Top Gaining Stocks

CarMax
KMX • Vol: 7,330,419
Corning
GLW • Vol: 22,800,969
Intel
INTC • Vol: 233,719,006
Super Micro Computer
SMCI • Vol: 68,465,534
Enphase Energy
ENPH • Vol: 13,978,376

Top Losing Stocks

Accenture
ACN • Vol: 41,744,333
EPAM Systems
EPAM • Vol: 5,636,587
Cognizant
CTSH • Vol: 61,311,400
Coterra Energy
CTRA • Vol: 73,319,495
Kroger
KR • Vol: 26,704,230