Micron Technology, Inc. (NASDAQ:MU) announced the upcoming retirement of its Chief Executive Officer, Mark Durcan. The Board of Directors has formed a special committee to oversee the succession process and has initiated a search, with the assistance of an executive search firm, to identify and vet candidates. The Board has not established a timeframe for this process and intends to conduct a deliberate review of candidates who can contribute to Micron’s future success. Mark Durcan will continue to lead Micron as CEO during this process and will assist the company with its search and subsequent leadership transition.

“Mark Durcan recently discussed with the Board his desire to retire from Micron when the time and conditions were right for the company,” said Robert E. Switz, Chairman of the Board and a member of the search committee. “As CEO, he has successfully guided Micron’s strategy and growth for the past five years and has allowed the company to initiate this transition from a position of strength. The Board is committed to thoughtful long-term succession planning and takes seriously its responsibility to maintain a high-caliber management team and to ensure successful executive leadership transition. We expect Mark to play an instrumental role in securing and transitioning his replacement.”

Shares of Micron are currently trading at $24.94, up $0.19 or 0.77%. MU has a 1-year high of $25.23 and a 1-year low of $9.35. The stock’s 50-day moving average is $22.32 and its 200-day moving average is $18.20.

On the ratings front, MU has been the subject of a number of recent research reports. In a report issued on January 30, Deutsche Bank analyst Sidney Ho maintained a Buy rating on MU, with a price target of $28, which represents a potential upside of 14% from where the stock is currently trading. On January 13, Loop Capital Markets’ Betsy Van Hees maintained a Buy rating on the stock and has a price target of $27.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Sidney Ho and Betsy Van Hees have a yearly average return of 19.4% and 23.7% respectively. Ho has a success rate of 72% and is ranked #145 out of 4373 analysts, while Hees has a success rate of 62% and is ranked #87.

Sentiment on the street is mostly bullish on MU stock. Out of 20 analysts who cover the stock, 18 suggest a Buy rating and 2 recommend to Hold the stock. The 12-month average price target assigned to the stock is $27.14, which represents a potential upside of 11% from where the stock is currently trading.

Micron Technology, Inc. engages in the designing, and building memory and semiconductor technologies. It operates through the following segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, Embedded Business Unit.