The chief executive of Welsh semiconductor manufacturer IQE has left the company amid a slump in the group’s share value.

Americo Lemos, 57, who has run the chip firm since 2022, has left the company with immediate effect.

IQE shares have been dropping in recent months amid concerns over the pace of recovery in the semiconductor market, even despite the company reporting a solid jump in sales in September.

As of Wednesday morning, shares in the AIM-listed company are valued at 12.08p, down 32% from last Friday.

Before Lemos stood down, he had told UKTN of his desire to publicly list the firm’s Taiwan subsidiary on its local exchange.

“The Taiwan Stock Exchange is where we have the best competitive benchmark to what we do, the investor base there are very familiar to what we do and the valuations in the TSE are among the best in the world for our industry,” Lemos said.

“Our proposed IPO will enable us to accelerate our diversification strategy as it will provide us with significant cash resources for the company.”

The former IQE CEO has previously held prominent roles in the semiconductor industry, notably as a vice president at Intel for over five years.

IQE’s chief financial officer Jutta Meier has been named as interim CEO while the group looks for a permanent replacement.

Company chair Phil Smith will also step down from his role, transitioning to a non-executive director,

“In Mark and Jutta we have two excellent individuals with the necessary sector and leadership skills to capture that growth in partnership with our customers, employees and broader stakeholders,” Smith said.

“Their immediate priorities will include a focus on executing on the near-term pipeline as well as cash generation across the group and on unlocking embedded value by pursuing the IPO of our Taiwan business.

“They will examine other efforts to optimise our asset base and ensure that resources are centred around IQE’s strategic areas of expertise.”

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