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IQE : Tech firm IQE founder and CEO to step down after three decades at the helm

11/24/2020 | 03:06am

(Reuters) - British technology firm IQE said on Tuesday its founder and chief executive officer, Drew Nelson, plans to step down from the company after spending 30 years at the helm.

IQE, which makes semiconductor wafers for chips used in Apple products, said Nelson, 64, will remain CEO until a successor is found and then takeover as the board president.

"Continuing as a board member once the new CEO is in place, he will be able to provide IQE with his expertise and industry knowledge and will remain with the company as a powerful ambassador and advisor," Chairman Phil Smith said.

In a separate statement, IQE said it expects annual revenue to be higher than forecast earlier, helped by military and defence sector orders from a major U.S. customer.

(Reporting by Indranil Sarkar in Bengaluru; Editing by Vinay Dwivedi)

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