Sondrel CEO steps down as chip firm faces re-organization
By Peter Clarke, eeNews Europe (April 7, 2024)
Graham Curren, is standing down as CEO of loss-making ASIC design services company Sondrel Holdings plc. The company has received financial support from ROX Equity Partners Ltd. and is now set to return to private ownership.
After nearly 23 years leading Sondrel, Curren is being replaced by David Mitchard who comes in as interim CEO. Mitchard was previously managing director of Maritime Services at BAE Systems. Via a posting on Linkedin Curren said he intends to form a subsidiary company called Sondrel Ventures that will focus on strategy and business development.
In the first half of 2023 Sondrel made a loss before tax of £2.0 million on revenue of £9.3 million. Since then the company has had to contend with cash-flow challenges after a tape-out for a tier-one automotive customer was delayed towards the end of 2023. A consensus analyst forecast had expected Sondrel to achieve FY23 revenues of £13.0 million and an adjusted loss before tax of £6.0 million.
E-mail This Article | Printer-Friendly Page |
|
Related News
- The Automotive Industry is driving down acceptable chip defect levels
- Sondrel explains the 10 steps to model and design a complex SoC
- TranSwitch Corporation Announces a Business Re-organization and Restructuring in Line with the Company's Growth Strategy and Narrows Guidance for the 3rd Quarter of 2011
- Carmel Vernia to Step Down as Chairman and CEO of Tower Semiconductor Board Carmel Vernia to Step Down as Chairman and CEO of Tower Semiconductor Board
- Founder steps aside as Cynergy CEO
Breaking News
- Packetcraft Delivers Bluetooth Software Enabling Channel Sounding to Early Access Licensees
- QuickLogic Releases Aurora 2.6 with Expanded Operating System Support and Up to 15% Faster Performance
- Rapid Silicon Introduces Revolutionary Rapid eFPGA Configurator for Hassle Free Embedded FPGA Evaluation
- Silvaco Announces Launch of Initial Public Offering
- Rambus Reports First Quarter 2024 Financial Results