Appointment of Chief Financial Officer

15 October 2018

 

Cardiff, UK. 15 October 2018:  IQE plc (AIM:  IQE, "IQE" or the "Group"), the leading global supplier of advanced wafer products and material solutions to the semiconductor industry, is pleased to announce that it has appointed Mr Tim Pullen as Chief Financial Officer to the board of the Group (the “Board”). Mr Pullen is expected to join the Board, following completion of his current notice period, during early 2019.

Mr Pullen is currently Chief Financial Officer of ARM Limited, a global semiconductor and software design company owned by Softbank Group. During his time at the company, Mr Pullen has been focused on executing the investment strategy and scaling the company’s finance and business capabilities.

Prior to this, Mr Pullen was Finance Director at O2 / Telefonica UK, where he held a variety of senior financial positions including responsibility for Technology Operations, B2B and Digital segments and Finance Operations. In connection with his time at O2, Mr. Pullen also held roles as a Non-Executive Director of Tesco Mobile, O2’s joint venture with Tesco Mobile and was a Director of Cornerstone Telecommunications Infrastructure Limited, O2’s network sharing joint venture with Vodafone. Before his time at O2, Mr. Pullen held various senior finance roles at Serco Group plc, a leading British provider of outsourcing services, including the BPO Division in UK & Europe, the Global Technology business and in Business Transformation. Mr Pullen is a Chartered Accountant and qualified with Ernst & Young.

Dr Godfrey Ainsworth FCA, Executive Chairman and interim CFO, has agreed to remain in post to oversee the handover to Mr Pullen.  As previously announced, Dr Ainsworth will retire from the Board on or before the date of the 2019 AGM.  Mr Phil Smith, former Chairman of Cisco who joined the board in December 2016, will become Non-executive Chairman on 31 March 2019.

Dr. Drew Nelson, IQE Chief Executive Officer, said:

“It is with great pleasure that I welcome Tim to the Board of IQE. Tim has built a successful career leading the finance functions of some of the UK’s leading technology and outsourcing companies. I believe, with Tim’s very relevant sector industry experience, leadership and overall vision for the finance function at IQE, he will continue to build upon the exceptional work achieved by the late Phillip Rasmussen, his predecessor. I would also like to take this opportunity to thank Godfrey for his outstanding support in his role as interim CFO.”

Sir David Grant, Chair of Remuneration and Chair of Nominations Committee, said:

“I am delighted that, following an extensive search and selection process, we have appointed an excellent CFO in Tim Pullen, whose proven track-record in leading-edge technology businesses brings highly credible and relevant experience and a skills-set that will fully support and further enhance IQE's aspirations and ambitions.”

Phil Smith, Chairman Designate and Senior Independent Director, said:

“It is a great testament to the Group that someone of Tim’s calibre and reputation has accepted the opportunity to be part of IQE team. I look forward to working closely with Tim at this exciting stage of our journey as he brings extremely valuable experience that will help us step confidently into the next phase of our growth.” 

 

Additional information

The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies. Timothy Neil Pullen, aged 40, has been a director or partner of the following companies or partnerships during the five years preceding the date of this announcement:

Current Directorships / Partnerships

Past Directorships / Partnerships

Stream Technologies Limited

Cornerstone Telecommunications Infrastructure Limited

IOT-X Limited

Tesco Mobile Limited

 

Serco Listening Company Limited

 

Listening Limited

 

Mr. Pullen has no beneficial interest in the ordinary shares of IQE.

Save as set out above there are no further disclosures required pursuant to Rule 17 or Schedule 2, paragraph (g) of the AIM Rules for Companies in respect of Mr. Pullen’s appointment to the IQE Board.

 

CONTACTS:

IQE plc 
Godfrey Ainsworth
Drew Nelson
Chris Meadows

 

+44 (0) 29 2083 9400

Canaccord Genuity (Nomad and Joint Broker)  
Simon Bridges
Richard Andrews

 

+ 44 (0) 20 7523 8000

 

Peel Hunt (Joint Broker)
Edward Knight
Nick Prowting

+44 (0) 20 7418 8900