THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

IQE plc

Cardiff, UK

19 June 2024

Board change

IQE plc (AIM:  IQE, "IQE" or the "Group"), the leading global supplier of compound semiconductor wafer products and advanced material solutions, today announces that Dr Drew Nelson OBE is standing down from the Board of IQE with immediate effect. IQE's Board has retained Drew's services on a consultancy basis for a further year to provide continued expertise and support on industry-related issues.

Drew plans to focus on his interests in continuing to build the South Wales Compound Semiconductor cluster, the wider UK and international semiconductor and deep tech industry, and his role as Chairman of the Advisory Board of the All Party Parliamentary Group (APPG) on Semiconductors. IQE's recently appointed Board members bring a wealth of industry experience to the Board and give Drew the opportunity to pursue his interests now that IQE is well supported in its next phase of growth. 

Drew has made an enormous contribution to the development of IQE, which he co-founded in 1988. From April 1999 until October 2021 he served as Group Chief Executive Officer, overseeing IQE's growth to become a global leader in compound semiconductor wafer products and services. He continued his engagement at IQE as President and a Non-Executive Director, where he has provided invaluable support to Americo as he transitioned into the CEO role.

Americo Lemos, Chief Executive Officer of IQE, commented:

"On behalf of everyone at IQE, I'd like to thank Drew for his contribution to this business over more than 35 years. His support since I was appointed as CEO was key to the success of the transition, and his advice and guidance as a Board member has been invaluable."

Phil Smith, Chairman of IQE, commented:

"Drew's contributions to IQE as a founder, CEO and President cannot be understated. He has been instrumental to the business's growth from start-up to a global innovator and leader in the sector. Drew will continue to be a key figure in the semiconductor industry in his work with the South Wales Compound Semiconductor cluster, and other related activities, and we look forward to working with him in this capacity."

This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018).

This announcement is issued on behalf of the Company by Jutta Meier, CFO.

Contacts:

IQE plc

+44 (0) 29 2083 9400

Americo Lemos

Jutta Meier

Amy Barlow

Peel Hunt (Nomad and Joint Broker)

+44 (0) 20 7418 8900

Ben Cryer

Kate Bannatyne

Adam Telling

Deutsche Numis (Joint Broker)

+44 (0) 20 7260 1000

Simon Willis

Hugo Rubinstein

Iqra Amin

Headland Consultancy (Financial PR)
+ 44 (0) 20 38054822

Andy Rivett-Carnac: +44 (0) 7968 997 365

Dan Mahoney: +44 (0)73 1136 9815

ABOUT IQE

http://iqep.com

IQE is the leading global supplier of advanced compound semiconductor wafers and materials solutions that enable a diverse range of applications across:

·    Smart Connected Devices

·    Communications Infrastructure

·    Automotive and Industrial

·    Aerospace and Security

As a scaled global epitaxy wafer manufacturer, IQE is uniquely positioned in this market which has high barriers to entry. IQE supplies the global market and is enabling customers to innovate at chip and OEM level. By leveraging the Group's intellectual property portfolio including know-how and patents, it produces epitaxy wafers of superior quality, yield and unit economics.

IQE is headquartered in Cardiff UK, with employees across eight manufacturing locations in the UK, US and Taiwan, and is listed on the AIM Stock Exchange in London.