C3 AI reports declining revenue, announces new CEO to replace Siebel | AI News Digest
C3 AI has reported a significant decline in revenue for the fiscal first quarter, with earnings dropping to $70.3 million from $87.2 million a year prior. The company also announced the appointment of Stephen Ehikian as the new CEO, succeeding Thomas Siebel, who is facing health challenges. Following the announcement, C3 AI's shares fell by 14% in after-hours trading. Despite the setbacks, Ehikian expressed confidence in the company's potential to capture a larger share of the Enterprise AI market. The transition comes after a tumultuous period for C3 AI, marked by disappointing financial results and a restructuring of its sales organization. The company aims to navigate these challenges under new leadership.
