C3 AI Explores Potential Sale Following Founder's Health-Related CEO Departure

C3 AI stock surges after Reuters reports company weighs sale By Investing.com

Investing.com -- C3 AI (NYSE:AI) stock rose 6% Monday after Reuters reported that the enterprise AI software provider is exploring a potential sale following founder Thomas Siebel's recent step down as CEO due to health concerns. According to three sources familiar with the matter, the sales process is in its early stages, with other options including raising funds from private investors also being considered. The news comes amid challenging times for C3 AI, whose stock has fallen more than 54% year-to-date. Salesforce veteran Stephen Ehikian succeeded Siebel as CEO on September 1. Siebel, who had transitioned to executive chairman in July, disclosed he has an autoimmune disease causing "significant visual impairment." C3 AI, which has a current market value of approximately $2.15 billion, competes with larger rival Palantir Technologies in providing AI tools to government and industrial sectors. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

C3 AI weighs sale after founder-CEO Siebel steps aside, sources say

(Reuters) -Enterprise artificial intelligence software provider C3 AI is exploring a potential sale, among other options, after founder Thomas Siebel recently stepped down as CEO over health concerns, according to three people familiar with the matter. THE DETAILS THE NUMBERS * C3 has a market value of about $2.15 billion. * C3 AI's stock has fallen more than 54% year-to-date amidworsening financial performance and uncertainty over itsstrategy and leadership. * The company reported a net loss of $116.8 million, or 86cents per share, for its fiscal first quarter ended July 31. * Revenue fell 19% to $70.3 million from $87.2 millionduring the same quarter a year ago. * C3 AI also withdrew its full-year financial outlook whenit reported earnings on September 3, which it attributed to theCEO change and a restructuring of its sales and servicesoperations. THE PEOPLE * Salesforce veteran Stephen Ehikian succeeded Siebel as CEOon September 1. * Siebel, who had transitioned to executive chairman inJuly, said he had an autoimmune disease that caused "significantvisual impairment." * Siebel is best known for founding Siebel Systems, which hesold to Oracle in 2005 for $5.85 billion. * The company's board includes former U.S. Secretary ofState Condoleezza Rice, Fortune CEO Alan Murray, and BruceSewell, Apple's former general counsel and secretary, amongother prominent figures in finance and technology. (Reporting by Milana Vinn in New York, additional reporting by Stephen Nellis in San Francisco; Editing by Dawn Kopecki and Richard Chang)