IQE Shares Plunge After CEO Leaves

IQE plc (LON: IQE) shares plunged Tuesday after the company announced the sudden departure of its CEO, Americo Lemos.

The company did not provide a reason for Lemos’s departure, just stating that he had left with immediate effect.

The news caused the company’s share price to plummet over 15% to around the 12.32p mark. The company’s shares have had a tough year so far, declining more than 52%. In the last three months, IQE shares have declined by around 62.4%.

Mark Cubitt, who recently joined the board as Chair-elect, has assumed the role of Executive Chair. Jutta Meier, the current CFO, will take on the additional responsibility of interim CEO. Phil Smith, the outgoing Chair, will remain on the board as a Non-Executive Director.

The supplier of compound semiconductor wafer products is now initiating a search for a permanent CEO. The company remains optimistic about its long-term prospects, highlighting its strong technical expertise and alignment with growth market vectors.

The immediate priorities for the interim leadership team include executing the near-term pipeline, generating cash, pursuing the IPO of the Taiwan business, and optimising the asset base.

While the sudden departure of the CEO has raised concerns among investors, IQE’s focus remains on capitalising on emerging opportunities in the semiconductor industry and delivering value to its shareholders.