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Technology

UPDATE 1-Soitec posts Q3 revenue jump, reassures on succession plan

 (Adds background, detail)
    Jan 26 (Reuters) - French semiconductor company Soitec
          said on Wednesday it was determined to "ensure a
successful implementation of its succession plan" as it posted a
40% jump in third-quarter revenue.
    The company appointed a new CEO last week, a decision
described as "incomprehensible" by the executive committee,
given the progress made by current CEO Paul Boudre.             
    Paris-listed Soitec shares closed 6% higher on Wednesday,
but are still down around 22% since the announcement. 
    Soitec said in a statement that "all parties restated their
determination to ensure a successful implementation of the
succession plan".
    Following the announcement of the plan, the Board of
Directors, including CEO Boudre, "met for constructive
discussions on governance questions", the company added.
    "The Executive Committee expressed to the Board of Directors
its commitment to work closely with Paul Boudre’s designated
successor, Pierre Barnabé, to ensure an effective leadership
transition," it added. 
    The firm, which designs and manufactures semiconductor
materials, posted quarterly revenue of 208 million euros 
($234.64 million) helped by the deployment of 5G in mobile
communications, the sustained recovery of the automotive
industry, and an acceleration in smart devices. 
     It confirmed full year revenue guidance at around 975
million dollars, up around 45%.

 (Reporting by Kate Entringer in Gdansk; Editing by Jan Harvey,
Kirsten Donovan)
  
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