C3 AI Founder Siebel to Step Down as CEO on Health Grounds

Enterprise software maker C3 AI said founder Thomas M. Siebel plans to relinquish the chief executive post because of eyesight problems stemming from an autoimmune disease. Siebel, 72, will stay on until a successor is appointed and then move to the role of executive chairman, where he will concentrate on long-term strategy. The board has formed a management committee and hired an international executive-search firm to lead the recruitment process. No timeline for the handover was disclosed. C3 AI shares dropped roughly 7% in early New York trading after the announcement. Wedbush Securities called the transition a near-term negative but said it could accelerate takeover interest in the company; the broker reiterated its Outperform rating and $35 price target.