IQE tapped Tim Pullen to take on the role of chief financial officer on Monday following the passing of the group's long-serving CFO. Phillip Rasmussen. back in April.
Pullen, who is expected to join IQE's board in early 2019, is currently chief financial officer of ARM, a global semiconductor and software design company owned by Softbank Group.

During his time at ARM, Pullen focused on executing the group's investment strategy and scaling it's finance and business capabilities.

IQE told investors that Dr Godfrey Ainsworth, the company's executive chairman and interim CFO, had agreed to remain in the role in order to oversee the handover to Pullen before he retires from the board at the group's 2019 annual general meeting.

Former Cisco chairman Phil Smith will take over from Ainsworth as non-executive chairman on 31 March 2019.

Chief executive Dr Drew Nelson, said: “I believe, with Tim's very relevant sector industry experience, leadership and overall vision for the finance function at IQE, he will continue to build upon the exceptional work achieved by the late Phillip Rasmussen, his predecessor.”

As of 1000 BST, IQE shares had climbed 4.34% to 84.31p.