Imagination Technologies Warns Of Fiscal Year Loss, CEO Steps Down
February 08 2016 - 02:55AM
Dow Jones News
By Rory Gallivan
LONDON-- Semiconductor designer Imagination Technologies Group
PLC (IMG.LN) Monday announced the resignation of its long-standing
chief executive Hossein Yassaie as it warned it will report a loss
for the full year.
Mr. Yassaie has stepped down with immediate effect and will be
replaced by Imagination non-executive director Andrew Heath, said
the company, which now expects to report a loss before interest and
taxation for the year ending April 30. The company had previously
predicted a profit.
Imagination, whose technology is used in Apple Inc. (AAPL)
products, also announced plans to sell its digital radio division
Pure, which it said should help to reduce operating costs by 15
million pounds ($21.4 million) in the next financial year.
"I am proud of the successes Imagination has achieved over the
last decade or so," said Mr. Yassaie, who became chief executive in
1998.
"We have built Imagination from very small beginnings into the
leading provider of graphics processors as well as general purpose
micro-processors and connectivity solutions," he added.
-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter:
@RoryGallivan
(END) Dow Jones Newswires
February 08, 2016 02:40 ET (07:40 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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