Arm China Appoints Co-CEOs to Replace Ousted Rogue Executive
- Allen Wu questioned the legality of the move on Friday
- Replacing Wu could ease the way toward a mega-Arm IPO
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Arm Ltd.’s joint venture in China has appointed two leaders to replace ousted Chief Executive Officer Allen Wu, taking a step toward regaining control of the chipmaker’s domestic operations.
The SoftBank Group Corp. unit is now closer to resolving a situation that has clouded its business in the largest market for chips. Wu was fired in 2020 for alleged conflicts of interest, but has refused to leave his post. His removal smooths the path to an IPO that could value Arm, whose designs lie at the heart of modern electronics, at $60 billion, Bloomberg News has reported.