The chief executive of one of Wales' leading technology firms, IQE, has left the business with immediate effect, in a move that sent its share price tumbling
In a London Stock Exchange statement, the leading global supplier of compound semiconductor wafer products and advanced material solutions has confirmed the departure of Americo Lemos, who took up the role in January 2022.
A search to find his replacement has been launched. Jutta Meier will take up the position of IQE's interim chief executive in addition to her chief finance officer role. Ms Meier joined IQE in January 2024 from Intel Corporation. Following the announcement IQE' share price was down nearly 20% to just under 12p.
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The Cardiff headquartered firm said that Mark Cubitt, who joined the IQE board earlier this month as chair-elect, will become executive chair. He is currently non-executive chair at AIM-Listed Beeks Group and Concurrent Technologies.
Phil Smith, who has been chair of IQE since 2019, will step down from his role, but remain on the board.
Mr Smith said: "Whilst IQE continues to navigate the semiconductor market recovery, we are confident that the company's renowned technical expertise is well aligned to long-term growth market vectors. In Mark and Jutta we have two excellent individuals with the necessary sector and leadership skills to capture that growth in partnership with our customers, employees and broader stakeholders.
"Their immediate priorities will include a focus on executing on the near-term pipeline as well as cash generation across the Group and on unlocking embedded value by pursuing the IPO (flotation) of our Taiwan business. They will examine other efforts to optimise our asset base and ensure that resources are centred around IQE's strategic areas of expertise."
In a brokers note Panmure Liberum still recommended a buy position, with a share price target of 40p.
The note added: ""The short and to the point wording of the announcement that CEO Americo Lemos has 'eft with immediate effect” suggests he has been removed by the board.
The shares have reacted negatively as there will be questions around this given the sudden departure. We believe management near-term priority is cost and asset optimisation. We expect the latter to include the sale of the Pennsylvania site alongside the IPO of the business in Taiwan. IQE has also applied for CHIPS act funding. The shares now trade below book value, and we believe the company owns valuable assets in Ƶ/US and Taiwan.
