Troubled Alphawave says CFO to step down
Data center chip and IP company Alphawave IP Group plc has announced that Daniel Aharoni will step down from the company as both CFO and as an executive director.
Aharoni will step down once the company’s audited results for the 2022 financial year are published, anticipated to be on or before 12 May 2023. Alphawave said. The board of directors agreed with Aharoni that he would step down but it is not stated whether or not this is related to a delay in the auditing of the company’s accounts and a consequent suspension of trading in its shares.
The company, which trades as Alphawave Semiconductor, was forced to suspend its shares on Tuesday May 2, because its auditors, KPMG, asked for more time to sign-off on the accounts (see Alphawave forced to suspend shares). At the time the company said the additional time requested takes Alphawave beyond a certain maximum delay permitted under Financial Conduct Authority rules and, as a result, this required that trading in the company shares be suspended.
Alphawave has published preliminary results and said that it does not expect any differences when the audited results are published.
The company said that the board had started looking for Aharoni’s successor and that in the interim, Christian Bowsher, senior director of finance at Alphawave, will serve as acting CFO. Bowsher will be supported by Raj Mahadevan, co-founder and senior vice president of operations, who managed the finance function from 2017 to 2021.
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