Imagination CEO to retire, China tribunal reports
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Imagination Technologies CEO Simon Beresford-Wylie is to step down.
“We can confirm Simon Beresford-Wylie, who turns 67 this year, has been considering his retirement plans for some months,” the company told eeNews Europe. “At this stage there is no planned exit date.”
In the same week an employment tribunal that pitted the company against its former CEO, Ron Black, has reported its findings. Black and several other senior executives stepped down in 2020 after the acquisition of the company in 2017 by Canyon Bridge, a US venture fund with links to China.
At the time Imagination owned the IP for the MIPS processor and there was a potential plan to move the IP to China.
The employment tribunal found that Black was dismissed over protected disclosures about moving to China and potential concerns about Peter Kuo, a Canyon Bridge partner on Imagination’s board.
However, it also found that there were serious strategic differences between Black and some of Imagination’s directors, so it was likely he would leave the company anyway. Black is suing Imagination for $220m.
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