Infineon shares down after CEO ousted

Infineon Technologies is weighing heavily on tech stocks and its own share prices are down 5% after the company announced that CEO Wolfgang Ziebart was stepping down, a Midnight Trader report said.

His departure may open the door to a deal between the German chipmaker and NXP Semiconductors, which is controlled by private equity concern Kohlberg Kravis Roberts, according to analysts cited by

Ziebart is leaving after four years due to 'strategic differences' with Infineon's chairman, Max Dietrich Kley, the company said.