C3.ai CEO Tom Siebel resigns for health reasons – stock tumbles 20%
C3.ai shares tanked more than 20% after CEO Tom Siebel announced his sudden resignation on July 24. No replacement has been named yet. The company said it’s hiring an “internationally renowned search firm” to find a new CEO.
Siebel founded C3.ai in 2009 and grew it into a business with 130+ AI apps. Revenue hit $389 million in the last fiscal year, up 54% over three years. But the stock hasn’t kept pace, dropping over 75% since the late 2020 IPO. 
Investors want a CEO who can cut losses and boost profits. Despite the revenue increase, the company’s net loss rose 50% over three years, hitting $289 million last fiscal year.
The stock is down 30% this year and remains highly volatile. Analysts suggest waiting to see if the new CEO can turn around the bottom line before jumping in.
Siebel’s exit adds uncertainty, but the company’s struggle for profitability predates the news. Until C3.ai shows a clear path to making money, the stock is still a risky bet.
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