ARM Holdings plc announces that Sir John Buchanan is stepping down as Chairman, at his request, due to a medical condition. The Board has conducted a thorough search and is pleased to announce that Stuart Chambers will join the Board today as Chairman designate and will succeed Sir John Buchanan as Chairman on 1 March 2014.
Stuart Chambers (57) is Chairman of Rexam PLC and a non-executive director of Tesco plc. Up to 2009 he was the Group Chief Executive of Nippon Sheet Glass Group which acquired Pilkington plc in 2006, where he was Chief Executive. Prior to the glass industry, Stuart held a number of senior positions at Mars, Inc., having previously spent 10 years in several European roles at Royal Dutch Shell plc.
There are no further disclosures pursuant to paragraphs 9.6.13(1) to 9.6.13(6) of the Listing Rules in relation this appointment.
Stuart Chambers said: "I am delighted to be joining ARM and looking forward to leading the Board at this exciting stage of the company. ARM is a global leader in its field and I am both honoured and excited to be joining the Board of one of the UK's biggest and best technology companies."
Sir John Buchanan commented: "It has been a great privilege to serve as Chairman of ARM and I have greatly enjoyed my time on the Board of this fine company. Due to the medical uncertainties it is right that we should secure the Chairman succession at this time. I wish the company well under its new leadership.
Simon Segars, Chief Executive Officer commented: "On behalf of the Board and everyone at ARM, I would like to thank Sir John for his dedication and leadership over the last two years. He has been a great support to me both before and since my appointment as CEO and I would like to take this opportunity to wish him well for the future. I look forward to working with Stuart, who brings with him a strong track record and a wealth of board and executive experience both in the UK and globally."
Sir John Buchanan will retire from the Board at the AGM on 1 May 2014.