IQE stock plunges as CEO Americo Lemos exits, interim CEO appointed

On Tuesday, IQE plc, a leading provider of advanced semiconductor wafers, announced the immediate departure of Chief Executive Officer Americo Lemos. Mark Cubitt, recently named Chair-elect to the IQE Board, will assume the role of Executive Chair. Concurrently, Jutta Meier has been appointed as interim CEO while maintaining her responsibilities as CFO. Meier, who joined IQE from Intel Corporation (NASDAQ:INTC ) in January 2024, brings extensive industry experience to her new dual role.

Shares of IQE plunged 16.7% by 11:23AM London Time.

Phil Smith, who has served as Chair since 2019, will step down but continue his involvement with the company as a Non-Executive Director. The company has initiated an immediate search to find a permanent CEO to lead IQE.

The semiconductor market is currently in a phase of recovery, and IQE is positioning itself to capitalize on growth opportunities. The company is recognized for its technical expertise in the semiconductor industry, which aligns with the expected market growth vectors.

The incoming leadership team, with Mark Cubitt and Jutta Meier at the helm, is tasked with executing the company's near-term pipeline and driving cash generation throughout the Group. They are also charged with unlocking value through the planned IPO of IQE's Taiwan business and optimizing the company's asset base. The goal is to focus resources on IQE's strategic areas of expertise to foster growth and partnerships with customers, employees, and stakeholders.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com