“Arm China is in the process of resolving its long-standing corporate governance issue, and its Board of Directors has voted unanimously to appoint Liu Renchen and Eric Chen as Arm China’s co-CEOs,” the company said in a statement. “Mr. Liu has also been duly registered and accepted by local Shenzhen government authorities as the company’s legal representative and general manager.”
Arm tried to sack former CEO Allen Wu in 2020 but he refused to go and retained the conpany seal which gave him control over the company.
Company filings yesterday name Arm China’s legal representative as Liu and state that Wu is no longer the chairman of the board or the general manager of Arm China.
Liu is now stated to be the general manager, and the position of chairman is vacant.
Wu responded to the moves by saying they are illegal.
Arm China said last week that its revenue has risen 250% since 2018, and that it has independently developed IP including CPUs, image signal processors and neural processors.