New Faces Driving AI: Cerence (CRNC) Has Appointed a New CEO and Reaffirms FY 2024 Guidance, Shares Up ~30%

2024 Guidance, Shares Up ~30% 

The PRISM NextGen Tech and AI Index company, Cerence Inc. (CRNC) who focuses on mobility and AI has announced the appointment of new CEO, Brian Krzanich who will succeed Stefan Ortmanns. Mr. Krzanich had previously been appointed as CEO of CDK Global Inc., the leading supplier of software to the retail automotive industry. Over the course of approximately four years, Krzanich helped the company achieve ten consecutive years of growth that lead to a private exit of $8.3Bn with Brookfield Business Partners in 2022. Prior to this, Krzanich was CEO of Intel for his last five years of his 36 years with the company. Through his assistance he has scaled the business from $52bn to over $70 Bn in revenue.

Additionally, Cerence has stated the company reaffirms its Q4 FY 2024 guidance that was previously announced furthering the new appointment to be a positive step rather than a sign of trouble. Shares have traded up over 30% on the announcement.

“The fast-changing automotive industry and potential of generative AI present exciting opportunities for Cerence,” said Mr. Krzanich. “I look forward to partnering with the Board and management team as we work to advance the Company’s generative AI and voice interaction capabilities, drive efficiency to deliver a high level of customer satisfaction and generate meaningful and consistent growth.”