Arm Holdings announces new chairman

Chip designer Arm Holdings has announced that Stuart Chambers, current chairman of Rexam and a non-executive director of Tesco, will take over as chairman designate from 1 March.

Chairman Sir John Buchanan is stepping down because of a medical condition.

Buchanan’s exit marks more change for the Cambridge-based FTSE company. Last March it said goodbye to chief executive Warren East. He handed over the reigns to Simon Segars, after a 12-year tenure.

Chambers was chief executive of Nippon Sheet Glass Group up to 2009, and was at Mars before that.

Stuart Chambers said:

I am delighted to be joining ARM and looking forward to leading the Board at this exciting stage of the company's development.

Buchanan will retire from the company’s board at its AGM of 1 May. He commented:

Due to the medical uncertainties it is right that we should secure the Chairman succession at this time.

Investors are keen to see Arm’s fourth quarter results, which it’s due to post next week, after its previous report showed a slowdown in global demand for smartphones. The firm did, however, see a strong performance with a 36 per cent rise in pre-tax profit to £92.6m.