IQE announced that Americo Lemos has departed the role, with the business beginning the search for a permanent CEO with immediate effect.

Mark Cubitt, who joined the IQE board earlier this month as chair-elect, will become the executive chair of IQE. Cubitt is currently non-executive chair at AIM-Listed Beeks Group and Concurrent Technologies. 

Jutta Meier will take up the position of IQE’s interim CEO in addition to her CFO role. Meier joined IQE in January 2024 from Intel Corporation.

Phil Smith, who has been chair of IQE since 2019, will step down from his role but remain on the IQE board as a non-executive director.

Phil Smith said: “Whilst IQE continues to navigate the semiconductor market recovery, we are confident that the Company’s renowned technical expertise is well aligned to long-term growth market vectors. 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. 

“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.”