Hot stock: AEM drops 6.6% after CEO quits
Semiconductor player says Amy Leong will be CEO from Jul 1
SHARES of AEM dropped by as much as 6.6 per cent as at the Friday (May 31) midday trading break, on the back of the resignation of its current chief executive Chandran Nair, which was announced the day before.
As at 12.32 pm, the counter was trading down S$0.13 at S$1.83, with 5.1 million shares having changed hands. The last time it closed at this level was April 2020.
The semiconductor player said after the market close on Thursday that Nair, who became CEO in 2020, had resigned to “pursue other personal interests”. His resignation takes effect on Jun 30.
AEM appointed Amy Leong as deputy CEO upon Nair’s resignation, ahead of her taking on the CEO role from Jul 1.
She was most recently senior vice-president and chief commercial officer at Nasdaq-listed semiconductor supplier FormFactor. She was also a board member of Nasdaq-listed and US-based Skywater Technology Foundry.
The latest earnings results of semiconductor companies show a continued distress of the sector, weighing on their stock performances.
On May 8, AEM reported a Q1 net profit of S$2.4 million, 85 per cent lower than that of the year before. The company noted then that the industry was in a prolonged cyclical downturn.
