Arm China removed chairman and CEO Allen Wu following a two-year dispute and claimed it regained control after appointing two local executives to lead the joint venture.
In a statement, Arm owner SoftBank Group explained Liu Renchen and Eric Chen were named co-CEOs of Arm China after a unanimous vote by the joint venture’s board.
SoftBank added the move meant Arm China’s “longstanding corporate governance issue was resolved”. Liu was registered and accepted by the local Shenzhen government as the company’s legal representative and GM.
Employees of Arm China signed a letter opposing the leadership change in a post on the company’s website.
SoftBank stated “Arm China will continue to be the exclusive commercial distribution channel for Arm to licence its IP to Chinese” companies, along with continuing to develop its own.
Arm is a minority partner in the venture after selling a 51 per cent stake to China-based investors in 2018.Subscribe to our daily newsletter Back