Phunware CEO Mike Snavely Steps Down Amid AI Shift

Dow Jones

2024/10/24

By Jasmine Li

Phunware CEO Mike Snavely has retired after one year at the helm, the cloud software company said Thursday.

Austin, Texas-based Phunware appointed former board chair Stephen Chen as its interim CEO. Chen started on Oct. 22, the company said.

The change comes as the company prepares for new opportunities in generative artificial intelligence, predictive analytics and cloud-based services, Chen said.

Snavely joined Phunware as its Chief Revenue Officer in September 2023, and was named CEO one month later when his predecessor, Russell Buyse, resigned. Buyse left after less than one year at the company, according to filings.

Phunware's stock climbed last week after it announced the development of a new generative AI platform launching in mid-2025. The platform would allow businesses to create custom mobile apps in a short amount of time, Phunware said.

Its shares were recently down 10% at $12.74 in premarket trading.

Write to Jasmine Li at jasmine.li@wsj.com

(END) Dow Jones Newswires

October 24, 2024 09:26 ET (13:26 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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