ARM Holdings CFO to Retire -- Update

By Peter Stiff and Ian Walker 

LONDON-- ARM Holdings PLC said Thursday that Chief Financial Officer Tim Score will retire next May after 12 years at the computer-chip designer.

The Cambridge, England-based company, which designs chips found in 95% of all smartphones, said it would appoint search consultants shortly to find a successor.

A spokesman for ARM said the company would consider both internal and external candidates to replace Mr. Score, 53 years old, who doesn't plan to take on another executive role.

The announcement of Mr. Score's departure comes roughly a year after longtime Chief Executive Warren East left the company, handing the reins over to Simon Segars.

Under the leadership of Mr. East and Mr. Score, ARM became one of the U.K.'s most successful technology companies, as its specialism in low-cost, low-energy chips that are well suited to mobile devices allowed it to benefit from the growth of the mobile market.

Analysts at RBC said Mr. Score was "extremely well regarded by the market, and will be missed." They added that his departure doesn't come as a complete surprise given the length of his tenure, and that ARM's strong reputation should allow it to attract a high-caliber replacement.

Last month, ARM reported a 20% rise in first-quarter profit to GBP62.3 million ($104.7 million), boosted by customers using its technology in a growing range of products from supercomputers to sensors.

Write to Peter Stiff at [e-mail] and Ian Walker at [e-mail]

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