The CEO of IQE, Americo Lemos, has stepped down amidst a significant drop in share value, highlighting shifts within the semiconductor industry.
- Lemos, who led IQE since 2022, left his position immediately following a sharp decline in the company’s shares by 32%.
- Despite IQE reporting increased sales in September, ongoing recovery concerns in the semiconductor market have weighed heavily on its stock performance.
- Previous plans by Lemos to list IQE’s Taiwanese subsidiary on the local stock exchange were part of a strategy to boost the company’s diversification and cash resources.
- Interim leadership by Jutta Meier and Mark Cubitt is focused on immediate business priorities, including exploring the proposed Taiwanese IPO.
The chief executive officer of IQE, a prominent Welsh semiconductor firm, Americo Lemos, has resigned from his role effective immediately. Lemos, 57, had been at the helm of the company since 2022. His departure coincides with a notable dip in IQE’s share value, which plummeted by 32% as of Wednesday, trading at 12.08p.
IQE faced challenges in maintaining investor confidence despite a solid rise in sales recorded in September. Concerns over the pace of recovery in the semiconductor sector have overshadowed these gains, contributing to the pressure on share prices.
Before stepping down, Lemos expressed ambitions to list IQE’s Taiwanese subsidiary on the Taiwan Stock Exchange. He remarked on the exchange’s competitive environment, which aligns with IQE’s strategic goals, stating, “The Taiwan Stock Exchange is where we have the best competitive benchmark to what we do.” Such a move was intended to secure significant cash resources, facilitating the company’s diversification strategy.
Leadership transitions within IQE extend to other top positions as well. Jutta Meier, the chief financial officer, has been appointed as interim CEO. Additionally, Phil Smith, the company chair, will transition to a non-executive director role while Mark Cubitt steps in as the executive chairman.
Phil Smith commented on the new leadership, highlighting the capabilities of Meier and Cubitt. Their agenda will focus on executing the immediate business pipeline and enhancing cash generation across the group. Furthermore, ongoing efforts will aim to optimize the company’s asset base and advance the listing of the Taiwanese business.
IQE’s recent leadership changes underline the company’s efforts to navigate challenging market conditions and pursue strategic growth opportunities.
