Shares of Harmonic were on the decline after the video-streaming and broadband business said its chief executive would retire after more than 30 years with the company.
The stock fell 14% to $11.26 a share in Tuesday morning trading. Shares are down 13% year to date.
San Jose, Calif.-based Harmonic on Monday said Patrick Harshman, who joined the company in 1993 and was appointed CEO in May 2006, would retire effective June 11.
Nimrod Ben-Natan, senior vice president and general manager of the broadband business, will become Harshman’s successor on the effective date.
Harmonic said there are no new compensation arrangements for Ben-Natan nor Harshman at this time. In 2022, Harshman and Ben-Natan earned total compensation of $4.8 million and $1.5 million, respectively, according to the company’s most recent filing on executive pay.