The CEO of chip maker ARM will retire in July with a cash pot worth over £16 million, according to the Financial Times
On the basis of ARM's share price, said the FT, Warren East is likely to be awarded around 450,000 shares worth £4 million from the group’s long-term incentive plan and deferred annual bonus plan.
This will be on top of the 1.4m shares worth £12.3 million that East already owns. East joined ARM in 1994 to establish the company’s consulting business and later became VP of business operations. Within three years he was appointed to the board as chief operating officer. East became ARM’s CEO in October 2001.
East is on a basic salary of £500,000 and will retire on 1 July. East is being replaced by Simon Segars, who has been with ARM for 22 years, and who is currently president of the company.
Segars, 45, joined the board in January 2005. He has been with ARM since 1991 and has held several executive roles including EVP Engineering, when he worked on many of the early ARM processors, as well as EVP Worldwide Sales and EVP Business Development.
ARM said he has international leadership experience having held senior positions for ARM in both the UK and the US.
It is estimated that Cambridge-based ARM provides chips that power almost a third of the world's smartphones and tablets.