Enovix Shares Decline Amid Search for New CFO Following Farhan Ahmad's Departure

Battery manufacturer Enovix Corp experienced a notable decline in its stock value on Monday, following the departure of Farhan Ahmad and the commencement of the search for a new Chief Financial Officer (CFO), with shares dropping by as much as 16%.

Enovix, based in Fremont, California, and trading under the NASDAQ:ENVX ticker, has seen its stock price decrease by 39% year-to-date.

The announcement of Ahmad's departure and the initiation of the search for his successor coincided with a challenging period for the company as it navigates difficulties in the competitive battery manufacturing sector.

Enovix has not yet appointed an interim CFO or provided a timeline for when the position is expected to be filled.