IQE plc: Leadership Announcement

IQE plc

(“IQE” or the “Group”)

Leadership Announcement

Cardiff, UK
24 November 2020

IQE plc (AIM: IQE) the leading supplier of advanced wafer products and material solutions to the semiconductor industry, provides a leadership announcement alongside its trading update for the financial year ending 31 December 2020 also announced today. 

Leadership Update

IQE today announces a new stage in the evolution of the company as Dr Drew Nelson, founder and CEO, plans to step aside from his current role once a successor has been found.

This change will enable a new CEO to lead IQE during its next phase, as it positions itself to capitalise on both its strong market position and the growth opportunities presented by the advent of 5G and the Internet of Things. 

Dr Nelson will remain as CEO until the right individual is appointed. Following any necessary handover period, he will become a board member with the title of President. As such, he will act in an advisory and ambassadorial role for the business, which he co-founded in 1988.

Under his successful stewardship, IQE has become a global company at the forefront of the UK’s high-tech manufacturing sector, with 650 staff and a footprint spanning Europe, the USA and Asia.

Dr Nelson has also been the driving force behind the establishment of the world’s first Compound Semiconductor Cluster, located in South Wales (CS Connected) and he plans to devote more of his time to the further development of the CS Cluster.

Board Update

On 5 November 2020 Mrs Carol Chesney, FCA, was appointed as the Senior Independent Director. Mrs Chesney joined IQE’s Board in May 2019 and is the Chair of the Audit and Risk Committee.

Dr Drew Nelson, Chief Executive Officer of IQE, said

“I have been extremely proud and privileged to serve IQE and its shareholders as CEO for the last 30 years. This now feels like the appropriate time to look for a new CEO to take over the leadership of the business and oversee the next exciting growth phase.

I look forward to remaining on the Board and working with the executive team as it leads IQE into an exciting future.” 

Phil Smith, Chairman of IQE, said

“I want to thank Drew for his ongoing passion, commitment and contribution to IQE. Continuing as a board member once the new CEO is in place, he will be able toprovide IQE with his expertise and industry knowledge and will remain with the company as a powerful ambassador and advisor. We look forward to working with him in this new capacity."

Contacts:

IQE plc
[phone]
Drew Nelson
Tim Pullen
Amy Barlow
           
Peel Hunt LLP (Nomad and Joint Broker)
[phone]
Edward Knight
Paul Gillam
Nick Prowting
           
Citigroup Global Markets Limited (Joint Broker)
[phone]
Christopher Wren
Peter Catterall

Headland Consultancy (Financial PR)
+ 44 (0) 20 38054822

Andy Rivett-Carnac: [phone]
Chloe Francklin: [phone]

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/ 2014. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of IQE by Tim Pullen, Chief Financial Officer of IQE.

ABOUT IQE
http://iqep.com

IQE is the leading global supplier of advanced compound semiconductor wafers and materials solutions that enable a diverse range of applications across:

• handset devices
• global telecoms infrastructure
• connected devices
• 3D Sensing

As a scaled global epitaxy wafer manufacturer, IQE is uniquely positioned in this market which has high barriers to entry. IQE supplies the whole market and is agnostic to the winners and losers at chip and OEM level. By leveraging the Group’s intellectual property portfolio including know-how and patents, it produces epitaxy wafers of superior quality, yield and unit economics.