IQE co-founder to step down with immediate effect

19th Jun 2024 07:17

(Sharecast News) - The co-founder of IQE is stepping down with immediate effect, the semiconductor specialist confirmed on Wednesday, after nearly 36 years with the business.

IQE said Drew Nelson, 69, was leaving to focus on his other interests, including building the so-called South Wales Compound Semiconductor cluster and the Advisory Board of the All Party Parliamentary Group on Semiconductors, which he chairs.

He will also act as a consultant to IQE for a year to provide "continued expertise and support on industry-related issues".

Drew founded IQE, a supplier of compound semiconductor wafer products to the chip industry, in 1988 with Michael Scott. He served as chief executive between 1991 and 2021 before joining the board as president and non-executive director.

Phil Smith, chair, said: "Drew's contribution to IQE as a founder, chief executive and president cannot be understated. He has been instrumental to the business's growth, from start-up to global innovator and leader in the sector.

"Drew will continue to be a key figure in the semiconductor industry...and we look forward to working with him in this capacity."

As at 0930 BST, shares in AIM-listed IQE were down 1% at 27.7p.