Synaptics stock swoons after CEO departure, reduced guidance

Synaptics Incorporated (NASDAQ:SYNA) is reeling after the company announced late Friday that CEO Richard Bergman was leaving, effective immediately.

The San Jose, California-based company also adjusted its fiscal third-quarter guidance, saying it expects revenue and earnings per share to be at the lower end of its expected ranges of $340 million to $380 million and $0.70 and $1.00, respectively. The software company pinned the blame on a lack of demand in China.

Shares plunged more than 19% to $34.82.

Executive committee formed to find successor

Bergman’s departure comes a month after the human interface company saw its CFO leave for a similar position at Lumentum Holdings Inc (NASDAQ:LITE). An executive committee has been formed to find Bergman’s successor, with help from Norman Chan, who was appointed executive chairman of the board.

“We are focused on capturing numerous opportunities before us and evolving the company under new leadership to increase shareholder value. We thank Rick for his contributions to Synaptics,” said Chan.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors