HONG KONG : Arm China said on Thursday its former CEO Allen Wu was refusing to relinquish his role despite being fired last week and that it would overhaul its communication system to protect against its misuse by Wu and his supporters.
At stake is a stock market listing for Arm Ltd, the chip designer that is owned by Japanese technology conglomerate SoftBank Group Corp.Arm Ltd announced on April 29 that Wu was ousted as Arm China's CEO and was replaced by two new Co-CEOs. He was also removed as its legal representative. Wu's ouster was opposed by some staff at the unit.
He had refused to step down then and continued to maintain control of the company, complicating Arm Ltd's efforts to audit the unit's financials, a process that is crucial to its planned IPO. It said that Wu and his supporters had been using other social media accounts and platforms to voice opposition to the board's decision and so the firm would make Arm China’s official Weibo account as its official communication channel with immediate effect.
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