Arm boss pushes through management shake up as firm prepares for IPO
The new boss of British chipmaker Arm has ordered a management shakeup that will see half of the firm’s top bosses culled as it heads for a major initial public offering (IPO) next year.
Arm’s chief technology officer Dipesh Patal, legal head Carolyn Herzog and strategy officer Jason Zajac have left the company in the restructuring pushed through by Rene Haas, the Telegraph first reported.
The shake up comes after Haas took over the top job last month following the collapse of a takeover $40bn bid from US chip giant Nvidia.
Arm’s veteran chief executive Simon Segars stepped down from the role following the collapse of the deal, meaning that four of the firm’s top bosses have now left the firm.
Masoyshi Son, boss of Arm’s Japanese owner Softbanks said that Haas was the best person to lead the company into the public markets.
Softbank’s commitment to float the firm kicked off a charm offensive from government and MPs who are keen to see the British firm floated in the capital.
Anthony Browne, the Conservative MP for Cambridge South, where Arm is based, told City A.M that it was vital that the UK was listed in London.
He told said: “Ownership matters, particularly when it comes to such a strategically important company and major employer, and as a nation we have historically been far too casual about such offerings.”
Masyoshi Son has indicated the firm was eyeing up the Nasdaq as the favoured destination for a floatation due to the higher valuation that tech firms attract in New York.
A Treasury spokesman told the Telegraph: “Tech IPOs in the UK raised record amounts last year and we’re pushing ahead with our reforms to further boost the UK as a destination for IPOs now we have left the EU.
“We want to attract the best and most innovative companies to list and grow here, so we’re acting on all the recommendations from the recent Hill review.”