IQE Shares Plunge Sharply After CEO Americo Lemos's Departure and Appointment of Interim CEO

IQE plc, a leading company in advanced semiconductor wafer production, announced on Tuesday the immediate departure of its Chief Executive Officer (CEO) Americo Lemos. Mark Cubitt, who was recently elected as a candidate for Chairman of the IQE Board, will assume the role of CEO. Jutta Meier has been appointed as the interim CEO while continuing her responsibilities as CFO. Meier, who joined IQE from Intel in January 2024, brings extensive industry experience to her new dual role.

As of 11:23 AM London time, IQE shares have fallen by 16.7%. Phil Smith, who has served as Chairman of the Board since 2019, will step down but will continue his work at the company as a Non-Executive Board Member. The company has immediately initiated a search for a permanent CEO to lead IQE.

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

The new management team, led by Mark Cubitt and Jutta Meier, has been tasked with implementing the company's short-term business plan and increasing cash generation across the Group. They are also responsible for creating value through the planned initial public offering 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 drive growth and partnerships with customers, employees, and stakeholders.