Advanced Energy downgraded at Needham on news of CEO transition

Advanced Energy Industries (AEIS) -9.2% premarket after yesterday's announcement that Garry Rogerson has decided to step down as CEO.

AEIS is downgraded to Hold from Buy at Needham following the news, as Rogerson is viewed as the key figure in driving the major operational changes to enable strong earnings growth and leverage; the firm is concerned that multiple high-level departures in such a short time could cause major disruption of the business.

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