Shares of Corsair Gaming, Inc. (CRSR) fell sharply in after-hours trading on Wednesday, plunging 10.46% following the company's announcement that founder and Chief Executive Officer Andy Paul plans to retire effective July 1, 2025.
The company stated that Andy Paul, who has led Corsair for 31 years since founding it in 1994, will step down from his roles as CEO and board member. Thi La, currently the President and Chief Operating Officer, has been appointed as the company's next CEO.
While Corsair's fourth-quarter earnings report showed better-than-expected adjusted earnings of $0.23 per share and revenue of $413.6 million, investors appear to have reacted negatively to the news of Paul's impending retirement. The market may be concerned about the potential impact of this leadership transition on the company's future strategy and performance.
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