REG - Sondrel (Holdings) - Chief Executive Officer Succession

Sondrel (Holdings)Announcement

22/05/2024 07:00

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RNS Number : 3499P  Sondrel (Holdings) plc  22 May 2024

22 May 2024

 

Sondrel (Holdings) plc

("Sondrel", the "Company" and together with its subsidiaries the "Group")

 

Chief Executive Officer Succession

 

Sondrel (AIM: SND), a leading provider of ultra-complex chips for leading
global technology brands, announces the intended appointment of John Chubb as
Chief Executive Officer Designate.

 

John Chubb is currently serving as Senior Responsible Officer (SRO) Core
Delivery at Defence Equipment & Support (DE&S) within the UK Ministry
of Defence, responsible for delivering this important project within the MoD.
John is a highly experienced CEO having run businesses in IT, Communications,
Energy and Construction, both domestically and across Europe.  A fellow of
the Institution of Engineering and Technology, he brings a wealth of expertise
in business turnaround, cash development, strategic leadership and has an
impressive track record of driving growth.

 

As announced by the Company on 14 May 2024, David Mitchard, currently Interim
Chief Executive Officer, will assume the position of Chairman upon completion
of the proposed subscription to raise £5.6 million announced on that same
date, whilst also remaining in the role of Interim CEO until John Chubb joins
Sondrel on 18 July 2024 and an orderly handover period of CEO duties to Mr.
Chubb has been completed.

 

A further announcement in connection with John Chubb's appointment to the
Board will be made in due course.

 

Nigel Vaughan, Chairman of Sondrel plc, said:

 

"On behalf of the Board, I'd like to thank David for his contribution to
Sondrel since he assumed the position of Interim Chief Executive in March.
During this period, David has successfully implemented key elements of our
transformation plan and, thanks to his hard work, the Group is now on a stable
footing. John has a long track record of delivering positive results for
stakeholders and his wealth of experience will be invaluable."

 

David Mitchard, Interim Chief Executive Officer, said:

 

"It has been a privilege to lead Sondrel over the past few months as Interim
CEO and I am pleased with the progress that we have made. I look forward to
assuming the position of Chairman in due course."

 

 

For further information:

 

 Sondrel (Holdings) plc                                        Via Buchanan
 David Mitchard, Interim CEO                                   Tel: +44 (0) 20 7466 5000
 Nick Stone, Interim CFO

 Cavendish Capital Markets Limited                             Tel: +44 (0) 20 7220 0500
 Ben Jeynes / Katy Birkin / George Lawson - Corporate Finance
 Michael Johnson / Charlie Combe - Sales and ECM

 Buchanan Communications                                       Tel: +44 (0) 20 7466 5000
 Chris Lane                                                    sondrel@buchanan.uk.com (mailto:sondrel@buchanan.uk.com)

 Stephanie Whitmore
 Jack Devoy
 Abby Gilchrist

 

About Sondrel

Sondrel is a UK-based fabless semiconductor company specialising in high end,
complex digital Application Specific Integrated Circuits (ASICs) and System on
Chips (SOCs). It provides a full turnkey service in the design, prototyping,
testing, packaging and production of ASICs and SoCs.

 

The Company is one of only a few companies capable of designing and supplying
the higher-spec chips built on the most advanced semiconductor technologies,
selling into a range of hyper growth end markets such as high-performance
computing, automotive, artificial intelligence, VR/AR, video analytics, image
processing, mobile networking and data centres.  Sondrel designs have enabled
products by leading technology brands including Apple (iPhone), Sony
(PlayStation), Meta's (Oculus), Samsung, Google and Sony smartphones, JVC
(prosumer camcorders), Tesla and Mercedes-Benz cars.

 

Sondrel is well-established, with a 20-year track record of successful
delivery, supported by long standing ecosystem partnerships including Arm,
TSMC and Samsung. Headquartered in the UK, Sondrel has a global presence with
offices in UK, USA, China, India and Morocco.

 

For more information please visit: ir.sondrel.com
(http://www.ir.sondrel.com/) .

 

 

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