Thu, 11 Feb 2016 | BUSINESS SALE
As Sir Hossein Yassaie announced that he is to step down as chief executive of Imagination Technologies, the company has confirmed plans to sell off its digital radio brand, Pure.
Shares in Imagination Technologies, which is part owned by Apple and makes micro-processors for smartphones and tablets, dropped seven per cent as the company announced the news and also issued a profit warning.
Pure general manager Paul Smith told What Hi-Fi?: "I can confirm that Pure is up for sale but from our customers’ point of view, it’s absolutely business as usual.”
However, Imagination Technologies said it expects to post a loss for the financial year ending April 2016, and selling the Pure business is just one part of its restructuring plans to help the firm cut costs.
Sir Hossein Yassaie, who was in charge of Imagination Technologies for 18 years, said: “I am proud of the successes Imagination has achieved over the last decade or so. We have built Imagination from very small beginnings into the leading provider of graphics processors as well as general purpose micro-processors and connectivity solutions. Imagination is now one of the genuine UK-headquartered companies with significant global influence and impact.
“It’s now time for someone else to lead this great company. I have been fortunate to work with a hugely talented team and would like to thank all my colleagues for all their support and dedication over the years. I would also like to thank the many customers and partners who have chosen to work with us over many years.”
Andrew Heath, who was previously an executive at Rolls-Royce, will become the interim chief executive while Imagination Technologies looks for a replacement.
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