Chief Executive Officer Succession

Sondrel (Holdings) plc

22 May 2024

 

22 May 2024

Sondrel (Holdings) plc

("Sondrel", the "Company" and together with its subsidiaries the "Group")

Chief Executive Officer Succession

Sondrel (AIM: SND), a leading provider of ultra-complex chips for leading global technology brands, announces the intended appointment of John Chubb as Chief Executive Officer Designate.

John Chubb is currently serving as Senior Responsible Officer (SRO) Core Delivery at Defence Equipment & Support (DE&S) within the UK Ministry of Defence, responsible for delivering this important project within the MoD. John is a highly experienced CEO having run businesses in IT, Communications, Energy and Construction, both domestically and across Europe.  A fellow of the Institution of Engineering and Technology, he brings a wealth of expertise in business turnaround, cash development, strategic leadership and has an impressive track record of driving growth.  

As announced by the Company on 14 May 2024, David Mitchard, currently Interim Chief Executive Officer, will assume the position of Chairman upon completion of the proposed subscription to raise £5.6 million announced on that same date, whilst also remaining in the role of Interim CEO until John Chubb joins Sondrel on 18 July 2024 and an orderly handover period of CEO duties to Mr. Chubb has been completed.

A further announcement in connection with John Chubb's appointment to the Board will be made in due course.

Nigel Vaughan, Chairman of Sondrel plc, said:

"On behalf of the Board, I'd like to thank David for his contribution to Sondrel since he assumed the position of Interim Chief Executive in March. During this period, David has successfully implemented key elements of our transformation plan and, thanks to his hard work, the Group is now on a stable footing. John has a long track record of delivering positive results for stakeholders and his wealth of experience will be invaluable."

David Mitchard, Interim Chief Executive Officer, said:

"It has been a privilege to lead Sondrel over the past few months as Interim CEO and I am pleased with the progress that we have made. I look forward to assuming the position of Chairman in due course."

For further information:

Sondrel (Holdings) plc	Via Buchanan
David Mitchard, Interim CEO	Tel: [phone]
Nick Stone, Interim CFO
Cavendish Capital Markets Limited	Tel: [phone]
Ben Jeynes / Katy Birkin / George Lawson - Corporate Finance
Michael Johnson / Charlie Combe - Sales and ECM
Buchanan Communications	Tel: [phone]
Chris Lane Stephanie Whitmore	[e-mail]
Jack Devoy
Abby Gilchrist

About Sondrel

Sondrel is a UK-based fabless semiconductor company specialising in high end, complex digital Application Specific Integrated Circuits (ASICs) and System on Chips (SOCs). It provides a full turnkey service in the design, prototyping, testing, packaging and production of ASICs and SoCs.

The Company is one of only a few companies capable of designing and supplying the higher-spec chips built on the most advanced semiconductor technologies, selling into a range of hyper growth end markets such as high-performance computing, automotive, artificial intelligence, VR/AR, video analytics, image processing, mobile networking and data centres.  Sondrel designs have enabled products by leading technology brands including Apple (iPhone), Sony (PlayStation), Meta's (Oculus), Samsung, Google and Sony smartphones, JVC (prosumer camcorders), Tesla and Mercedes-Benz cars.

Sondrel is well-established, with a 20-year track record of successful delivery, supported by long standing ecosystem partnerships including Arm, TSMC and Samsung. Headquartered in the UK, Sondrel has a global presence with offices in UK, USA, China, India and Morocco.

For more information please visit: ir.sondrel.com.

 

END