Shares of C3 AI, an enterprise artificial intelligence company, dropped 14% in extended trading on Wednesday following the release of its fiscal first-quarter results and the announcement of a new CEO. The company reported $70.3 million in revenue for the quarter, a decline from $87.2 million during the same period last year. Its GAAP net loss also widened to 86 cents per share, up from 50 cents a year earlier. Stephen Ehikian has been named the company’s new CEO, effective September 1. A seasoned technology executive, Ehikian previously founded two companies that were acquired by Salesforce. In a statement, Ehikian expressed confidence in C3 AI’s platform and applications, calling them unmatched in the enterprise AI space. He emphasized his belief in the company’s ability to capture a growing share of the expanding enterprise AI market. The leadership change follows a turbulent period for C3 AI. In July, the company launched a search for a new CEO after Thomas Siebel, the longtime leader and founder, disclosed he had been diagnosed with an autoimmune disease that caused significant visual impairment. Siebel had stepped back from day-to-day operations earlier in the year. In August, C3 AI announced disappointing preliminary financial results and a major restructuring of its global sales and services teams. At the time, Siebel described the quarter’s sales performance as “completely unacceptable,” attributing the shortfall to the disruption caused by the reorganization and his own health challenges. The company’s recent struggles have weighed heavily on investor sentiment, contributing to a sharp decline in its stock value. With Ehikian now at the helm, C3 AI is looking to stabilize its operations, reinvigorate its sales strategy, and regain momentum in a competitive AI landscape.