Shares of Enovix fell after the company's president and chief executive left to pursue another opportunity.

The stock sank 17%, to $3.66, on Monday, extending its more than 50% decline year to date.

The lithium-ion battery maker before the bell said Raj Talluri would step down from his role as president and CEO.

Ryan Benton, Enovix's finance chief, will serve as interim CEO while the company conducts a search for Talluri's permanent successor. Enovix noted it will consider both internal and external candidates.