Marvell's Stock Soars After CEO, President Said To Leave Company

Marvell Technology Group Ltd.'s stock soared 14% in premarket trade Tuesday, after the semiconductor maker said Chief Executive Sehat Sutardja and President Weili Dai are leaving the company, effective immediately. The company has formed an interim office of the CEO to oversee operations until a new CEO and president can be found. Marvell's stock suffered over the last couple weeks after the company warned of disappointing sales, a fiscal 2016 loss from charges linked to a settlement of its litigation with Carnegie Mellon University and said a received a delisting notice from Nasdaq because it missed a deadline to file financial reports because of an ongoing investigation into accounting problems. The stock had tumbled 8.2% since it closed at a 6 1/2-month high on March 21 through Monday, but was still up 9.1% year to date. In comparison, the S&P 500 has gained 1.1% so far this year.