Lattice Semiconductor Corporation (NASDAQ:LSCC) shares are trading lower after the company announced that Jim Anderson decided to step down as president, CEO, and board member.

The company announced the appointment of Esam Elashmawi, chief marketing and strategy officer, as Interim Chief Executive Officer, effective immediately.

The board started a search process to identify a permanent CEO and will consider internal and external candidates as part of its search.

Jeff Richardson, chair of Lattice's board said, "Over the last six years, Esam has played a critical role in Lattice's transformation. I am confident that Esam and our talented executive team will ensure a smooth transition for all our stakeholders."

"With clear strategic priorities in place, and significant opportunity for growth and value creation, the Board is confident the Company is well positioned to build upon its track record of delivering outstanding results."

In April, Lattice Semiconductor reported a 17% Y/Y revenue decline in the first quarter.

Investors can gain exposure to the stock via Themes Generative Artificial Intelligence ETF (NASDAQ:WISE) and Global X Internet Of Things ETF (NASDAQ:SNSR).

Price Action: LSCC shares are down 14.95% at $63.14 at the last check Monday.

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