BUZZ-Phunware drops after announcing CEO retirement

Reuters

2024-10-24

** Shares of software developer Phunware fall as much as 13.6% premarket to $12.22 after co says CEO retired after a year in the role ** Austin, Texas-based firm says Michael Snavely retired and resigned from co, and appointed former board chair Stephen Chen as interim CEO, effective Oct 22

** Snavely joined Phunware in Sept 2023 as chief revenue officer, and a month later was named CEO ** Through Weds, PHUN shares have soared >300% this month, getting a boost as Trump Media's stock has rallied recently as betting odds favored Republican candidate Donald Trump in his bid to return to the White House

** Phunware was hired by Trump's 2020 presidential re-election campaign to build a phone app

(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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