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:
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Sondrel (Holdings) plc
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Via
Buchanan
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David Mitchard, Interim
CEO
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Tel: +44
(0) 20 7466 5000
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Nick Stone, Interim CFO
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Cavendish Capital Markets Limited
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Tel: +44
(0) 20 7220 0500
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Ben Jeynes / Katy Birkin / George
Lawson - Corporate Finance
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Michael Johnson / Charlie Combe -
Sales and ECM
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Buchanan Communications
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Tel: +44
(0) 20 7466 5000
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Chris Lane
Stephanie Whitmore
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sondrel@buchanan.uk.com
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Jack Devoy
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Abby Gilchrist
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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.