Imagination Technologies Warns Of Fiscal Year Loss, CEO Steps Down

By Rory Gallivan

LONDON-- Semiconductor designer Imagination Technologies Group PLC (IMG.LN) Monday announced the resignation of its long-standing chief executive Hossein Yassaie as it warned it will report a loss for the full year.

Mr. Yassaie has stepped down with immediate effect and will be replaced by Imagination non-executive director Andrew Heath, said the company, which now expects to report a loss before interest and taxation for the year ending April 30. The company had previously predicted a profit.

Imagination, whose technology is used in Apple Inc. (AAPL) products, also announced plans to sell its digital radio division Pure, which it said should help to reduce operating costs by 15 million pounds ($21.4 million) in the next financial year.

"I am proud of the successes Imagination has achieved over the last decade or so," said Mr. Yassaie, who became chief executive in 1998.

"We have built Imagination from very small beginnings into the leading provider of graphics processors as well as general purpose micro-processors and connectivity solutions," he added.

-Write to Rory Gallivan at [e-mail]; Twitter: @RoryGallivan

(END) Dow Jones Newswires

February 08, 2016 02:40 ET (07:40 GMT)

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