NEW YORK (TheStreet) -- Marvell Technology Group (MRVL) - Get Report  shares are surging 14.86% to $11.05 in Tuesday's pre-market trading session after the announcement that CEO Sehat Sutardja and President Weili Dai are leaving their management positions, effective immediately. 

The two will remain on the company's board with Sutardja continuing as chairman. 

Arturo Krueger, Marvell's lead outside director, thanked the two for their "enormous contributions," noting that the company has "revolutionized the world through its innovative technology and breakthrough designs in the semiconductor industry."

However, he added that the board believes the time has come "to move in a new leadership direction."

Until the company finds a new CEO and president, Maya Strelar-Migotti, executive VP of Smart Networked Devices and Solutions Business Group, and Dr. Pantelis Alexopoulos, executive VP of the Storage Business Group, will be interim co-chief executive officers.

Based in Bermuda, Marvell Technology Group designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits.

Separately, TheStreet Ratings currently has a "Hold" rating on the stock with a letter grade of C-.

The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and a generally disappointing performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles' author.

You can view the full analysis from the report here: MRVL

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