Amnon Shashua, the founder of Israeli automotive technology company Mobileye, has stepped down from his role as chief executive officer. The company announced today that it will search for a successor to Shashua, working alongside parent company Intel, though he will remain on the company’s board of directors. Shashua has also been offered the position of chairman.

Shashua, 66, revolutionised the automotive industry through his development of sensor-based technology for autonomous emergency braking systems. He sold Mobileye to Intel and built the company to a peak valuation of over $30 billion (£24 billion), though it has since declined to less than $8 billion (£6.4 billion).

The leadership change marks a significant moment for Mobileye, which has faced considerable challenges in recent years amid broader difficulties in the autonomous vehicle sector. Shashua’s transition from the chief executive role to chairman reflects the company’s ongoing strategic evolution as it navigates a competitive and challenging market landscape.

Source: Walla News — Original article in Hebrew.