IQE PLC - Wales-based compound semiconductor wafer product supplier - Says Chief Financial Officer Tim Pullen has stepped down with effect from Tuesday. Pullen joined IQE as CFO in February 2019, having left the same position at Arm Holdings PLC. His previous employment includes leading roles at Tesco Mobile Ltd and Serco Group PLC. Reason for his departure from IQE has not been disclosed. Associate Director of Finance Neil Rummings is appointed acting CFO with immediate effect while IQE commences the search for a permanent successor. Rummings joined IQE in April 2017 and previously served as a director at PricewaterhouseCoopers International Ltd for over six years.

Chief Executive Officer Americo Lemos says: ‘I want to thank Tim for his many contributions to IQE. He has been a strong CFO and partner and has created the financial foundation to enable our next phase of growth.’

Current stock price: 20.60 pence, down 4.4% in London on Wednesday

12-month change: down 43%

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