Stock dips at ARM after FD switch
Shares in ARM Holdings have dropped for a third successive day after the chip designer announced the departure of its respected finance director.
Jonathan Brooks, who has been with the company for seven years, made a surprise announcement to investors this week that he would be stepping down next year.
Tim Score, finance director of Rebus Group, will replace Brooks on 1 March 2002. Brooks will resign from the board of ARM Holdings plc at that time.
Score, 41, has been FD at Rebus, a private equity-funded software and IT services company, since 1999. Between 1997 and 1999 he was group finance director of William Baird, the clothing business.
Of Brooks’ departure Robin Saxby, chairman of ARM, said: ‘Jonathan has had a significant impact on ARM over the last seven years and I am delighted that Tim will be joining us as our new CFO. He brings with him a wealth of experience from a number of publicly quoted companies.’
ARM shares closed down 4% at 358.5p on Wednesday. Today shares had fallen to a further low of 327.7p.