What's sending the Brainchip share price 8% lower today?

This struggling tech stock just lost the brains of its operation.

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The Brainchip Holdings Ltd (ASX: BRN) share price is having a tough time on Wednesday.

At the time of writing, the semiconductor company's shares are down almost 8% to 18 cents.

This extends its 12-month decline to approximately 72%.

Why is the Brainchip share price falling today?

Today's decline has been driven by news that Brainchip's brainchild is stepping down from the role of chief technology officer.

According to the release, co-founder Peter Van der Made won't be sticking around in an executive capacity to see if the company's Akida technology defies the odds and becomes a commercial success.

He plans to retire at the end of the year. Though, he will stay on the board of directors, the Scientific Advisory Board, and advise Brainchip as its Technologist Emeritus.

Replacing Van der Made will be Dr. M. Anthony (Tony) Lewis. He is a former vice president and global head of the AI and Emerging Compute Lab at HP.

Commenting on his exit, said Peter van Der Made said:

It has been an amazing journey and a labor of love to bring BrainChip from a concept to a leader in the AI space. I am pleased to work closely with Tony on transition and handing over the reins to a well-qualified team for BrainChip's future growth.

Brainchip's under-fire CEO, Sean Hehir, added:

I would like to welcome Tony to our leadership team and personally thank Peter for his energy, intelligence, and drive that has helped bring BrainChip to where it is today. While it is bitter-sweet, I'm also excited that with this seamless transition to Tony and his immense experience, we will further accelerate Akida's technology pipeline to market.

Judging by the Brainchip share price reaction today, it seems that some investors are concerned by the news and what it could mean for the company's technology development in the future.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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