AEM slumps 4.7% after its CEO resigns
As at 9.25 am, the counter fell to S$1.64, 4.7% below Friday’s closing price
[SINGAPORE] Shares of AEM fell on Monday (Jul 28) after the semiconductor test solutions provider announced the resignation of its chief executive officer on Sunday.
As at 9.25 am, the counter fell to S$1.64, 4.7 per cent or S$0.08 below its Friday closing price of S$1.72, with some 2.3 million shares changing hands.
AEM shares closed the day at S$1.69, down by 1.7 per cent or S$0.03, with 7.4 million shares transacted.
AEM’s former CEO Amy Leong, 50, stepped down from the role on Sunday after holding the post for only slightly more than a year.
She has been replaced by Samer Kabbani, 51, as the former president and chief technology officer of AEM has become its new CEO as at Monday.
AEM said on Sunday that Leong resigned due to “board-led leadership realignment for growth”, adding that there were no unresolved differences in opinion on material matters between the former CEO and the board.
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Leong will remain with the group as a senior adviser to assist with the transition.
She was appointed to the position on Jul 1, 2024, and oversaw the overall management of AEM’s strategy, business, operations and financial matters.
As at Friday’s close, AEM shares were up 19.4 per cent year to date.
In June, the company joined a semiconductor stock rally driven by the sector’s buoyant outlook and surged 26.8 per cent in a week.
That month, it also lifted its H1 revenue forecasts to a range between S$185 and S$195 million, from an earlier range of S$155 to S$170 million, ahead of its Aug 13 earnings results release.
Its net profit rose 42.9 per cent to S$3.3 million for its first quarter ended March, up from S$2.3 million in Q1 FY2024.
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