Phunware Inc (NASDAQ:PHUN) shares are trading lower Thursday after the company announced a CEO transition.

What Happened: Mobile cloud enterprise solutions company Phunware announced that CEO Michael Snavely has resigned from the company. Stephen Chen, former chair of the board, has taken over as interim CEO, effective as of Tuesday.

“We appreciate Mike’s dedication and service to Phunware and wish him much success in the future,” Chen said. “I am proud and excited to assume the role of interim CEO as we prepare to embark on new opportunities in generative AI, predictive analytics, and cloud-based services. We are confident that this transition will enable Phunware and its shareholders to accelerate our journey.”

Phunware also announced the launch of a new AI-focused website dedicated to helping businesses and developers better leverage generative AI and Phunware’s mobile app technologies.

Phunware shares have been extremely volatile since the start of the year, largely driven by former President Donald Trump’s presidential campaign. Phunware has ties to Trump dating back to 2020 when the company launched and managed Trump’s 2020 reelection campaign mobile app.

See Also: McDonald’s Where Trump Worked Review-Bombed On Yelp: ‘Fries Too Salty As If Someone Who Lost A Major Election Had Been Crying Over Them’

Phunware shares are up more than 285% over the past month, surging alongside other Trump-linked stocks after online election prediction markets showed a shift in betting odds in Trump’s favor. Prediction markets Polymarket and Kalshi showed a dramatic change in recent weeks with Trump firmly pulling ahead.

PHUN Price Action: Phunware shares were down 16.3% at $11.83 at the time of publication, according to Benzinga Pro.

Photo: Pixabay.