Shashua’s departure marks a significant shift for the company he helped establish in 1999. Since taking the CEO role in 2017, he has navigated the firm through its public offering and the complexities of the self-driving technology market. The board of directors plans to engage an executive-search firm to identify a candidate capable of steering the company’s next phase of development.

Despite stepping away from day-to-day operations, Shashua will retain his seat on the board. Furthermore, the company has extended an invitation for him to transition into the role of chairman once a new chief executive is appointed, ensuring his long-term involvement in the strategic direction of the enterprise.