IQE, a Welsh semiconductor company, has undergone significant leadership changes.
- CEO Americo Lemos resigned following significant share value decline.
- Lemos served as CEO since 2022, leaving unexpectedly.
- IQE shares fell 32% despite reported sales growth in September.
- The company plans to pursue an IPO for its Taiwan subsidiary.
IQE, a leading semiconductor company in Wales, is navigating a period of considerable change following the abrupt resignation of its CEO, Americo Lemos. Lemos, aged 57, who was appointed CEO in 2022, has left the company immediately amid a concerning slump in IQE’s share price.
Market apprehension has been mounting regarding the speed of recovery in the semiconductor sector. Despite IQE reporting a notable increase in sales in September, investor confidence has been shaken, reflected in a 32% decrease in the company’s shares, now priced at 12.08p as of Wednesday morning.
Before stepping down, Lemos expressed ambitions to list IQE’s Taiwan-based subsidiary on the local stock exchange. He was quoted saying, “The Taiwan Stock Exchange is where we have the best competitive benchmark to what we do, the investor base there are very familiar to what we do and the valuations in the TSE are among the best in the world for our industry.”
Jutta Meier, the company’s chief financial officer, has been appointed as interim CEO, succeeding Lemos as IQE embarks on the search for a permanent leader. Additionally, Phil Smith, the current chair, will transition to the role of non-executive director, indicating further changes within IQE’s leadership structure.
The focus now turns to successfully executing the company’s near-term strategies, with a particular emphasis on enhancing cash flow and pursuing the initial public offering (IPO) of the Taiwanese business. Company leadership, including Meier, is also tasked with evaluating the optimisation of the company’s assets and ensuring that resources are strategically allocated.
IQE faces a pivotal time as it addresses leadership transformations and strategic refocusing amidst market uncertainties.
