Enovix CEO Raj Talluri Resigns; T.J. Rodgers Named Executive Chairman

What happened

Enovix Corp. (Nasdaq: ENVX), a Fremont, California-based company that makes advanced lithium-ion batteries, disclosed in an 8-K filing that its President and Chief Executive Officer, Dr. Raj Talluri, resigned on August 13, 2026. The company said he left to pursue another opportunity and that his resignation was not due to any disagreement with Enovix on operations, policies, or practices.

Two days later, on August 14, the board appointed Thurman J. "T.J." Rodgers, who had been non-executive Chairman since April 2023, to serve as Executive Chairman. The board also named Ryan Benton, the company's Chief Financial Officer, as Interim Chief Executive Officer while it searches for a permanent CEO.

The stock fell sharply on the news: Enovix shares closed at $3.66 on August 17, down 16.6% from the prior close of $4.39, on volume more than three times the average.

The filing also noted that Enovix reaffirmed its third-quarter 2026 financial guidance, which it had provided on August 12, 2026, and announced an investor webcast held the same day.

Who is involved

Dr. Raj Talluri had served as CEO and President and was a member of the board. The filing does not say exactly when his departure takes effect, only that he will assist with an orderly transition.

T.J. Rodgers is a well-known semiconductor industry executive, having founded Cypress Semiconductor. He joined Enovix's board as non-executive Chairman in April 2023.

Ryan Benton, 55, has been CFO since April 2025. His background includes CFO roles at Silvaco Group, Tempo Automation, and other tech companies. He will continue as CFO while serving as Interim CEO.

What this means

The 8-K is a form that public companies file with the SEC to disclose major events. Item 5.02 covers changes in directors or officers; Item 7.01 covers Regulation FD disclosures, which is how companies share material information with the public. This filing combines both because the CEO departure and the press release announcing it are connected.

When a CEO resigns, the board typically appoints an interim leader while conducting a search. Here, the board chose an insider — the CFO — to fill the role, suggesting a desire for continuity. The filing does not explain why the CEO left beyond "to pursue another opportunity," and it explicitly says the departure was not due to any disagreement with the company.

The market reaction — a sharp drop on high volume — suggests investors viewed the news negatively, but the filing does not provide a reason for the selloff. Any investor commentary or analyst views would be separate from this filing.

The company reaffirmed its Q3 2026 guidance, which was issued just days before the CEO's resignation. That guidance is not included in this filing, so the specific numbers are not available from this source.