Apple Supplier IQE's CEO Departs, CFO Steps in to Assume Interim Leadership Responsibilities

On Tuesday, British semiconductor wafer manufacturer IQE made an announcement regarding the departure of its Chief Executive Officer, Americo Lemos, from the company, effective immediately. Jutta Meier, the current Chief Financial Officer, will assume the role of interim leader during this transition.

Following this announcement, there was a noticeable decline in the company's shares, which are associated with the production of 'epi-wafers' used in the facial recognition sensors of Apple iPhones. The decline reached up to 15%.

Lemos took over from IQE founder Drew Nelson in 2022 and previously played a key role in expanding GlobalFoundries' operations in the Asia Pacific and China, which are critical markets for IQE.

The company has been facing a tough financial landscape, grappling with a slow recovery in the semiconductor industry and an increasing emphasis on supply chain security over cost, a situation exacerbated by escalating U.S.-China tensions.

"Investor dissatisfaction has been mounting due to the disparity between the ambitious vision Americo presented and the current situation," noted Harvey Robinson, an analyst at Panmure Liberum.

In early trading, IQE shares plummeted to a low not seen in over a decade, reaching 12.32 pence, marking a 71% decline since Lemos took the helm.

Meier brings over 20 years of experience in the semiconductor industry, having most recently served as senior finance director at Intel's Foundry Services division.

Phil Smith, who has chaired IQE since 2019, will resign, and Mark Cubitt, recently appointed as chair-elect, will assume the role of executive chair, according to the company.

"The immediate focus for Mark and Jutta will be on executing the near-term pipeline, enhancing cash generation across the Group, and unlocking embedded value through the potential IPO of our Taiwan operations," stated Phil Smith, the outgoing chairman.

In September, IQE projected its annual profit would fall at the lower end of market expectations, as some of its markets were slower to rebound from a supply surplus.

In July, IQE announced its intention to pursue an initial public offering (IPO) for its Taiwanese operations on the local stock exchange, while maintaining control over the subsidiary.