ARM Says CEO Warren East Will Retire July 1

By FOXBusiness

U.K.-based microchip maker ARM Holdings (NASDAQ:ARMH) said on Tuesday its chief executive officer, Warren East, will retire on July 1 after 12 years at the helm.

East will be replaced by Simon Segars, ARM’s current president, who joined ARM in1991.

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“We take a very long-term view about our business, and we believe that now is the right time to bring in new leadership, to execute on the next phase of growth and to plan even further into the future,” East, 51, said in a statement.

ARM has become the dominate chip designer in the smartphone and tablet markets. Its chips are used in Apple’s (NASDAQ:AAPL) iPhone and other mobile devices.

ARM Chairman John Buchanan said the company had just one processor product line when East stepped into the CEO role in 2001, and its revenue has increased to $913 million from $213 million during that period.

U.S. shares of ARM Holdings fell 2.27% to $40.51 a share in early morning trading.