Imagination Technologies boss Sir Hossein Yassaie falls on his sword as slump at Apple bites

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Sir Hossein Yassaie, architect of the British chip designer Imagination Technologies’ success, today became the latest victim of slowing smartphone sales at Apple.

He has quit as chief executive of Imagination with immediate effect after the firm said it will make a loss for the year to April 30 and put its Pure digital radio arm up for sale.

Iranian-born Yassaie, who was knighted for services to technology in 2013, has run Imagination for the past 18 years but has been under increasing pressure from big investors in recent months as its biggest customer, Apple, cut orders. 

He will leave with a six month pay-off. Last year his total package was worth £835,000 which was hugely down on the £6.4 million he picked up in 2012 when Imagination shares peaked at 712p. Today they fell 10.25p, or 8%, to 121.5p.

Andrew Heath, a non-executive director who used to run chemical group Alent until its £1.35 billion takeover last year, has become interim chief executive as Imagination looks for a successor to Yassaie. 

Speculation immediately focused on Vin Murria, the technology entrepreneur who ran Advanced Computer Software until it was bought for £725 million in 2014. Her finance director there, Guy Millward, became finance director of Imagination in December. 

Imagination said it would cut costs by £15 million for the year to this April but expects a “material reduction in [annual] revenues” along with lower royalty fees.

Source Article from http://www.standard.co.uk/business/imagination-technologies-boss-sir-hossein-yassaie-falls-on-his-sword-as-slump-at-apple-bites-a3175331.html

February 9, 2016 |
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