Imagination Technologies CEO steps down amid financial upheaval

Imagination Technologies CEO Hossein Yassaie announced his departure this morning as the company warned it would record a loss for its fiscal year ending April 30, 2016. Yassaie joined the company in 1992 and became its CEO in 1998. His corporate profile credits him with creating the intellectual property licensing model that brought the company to prominence.

Imagination says royalties from some of its key customers fell short of its expectations last quarter, and it now expects less revenue in the first quarter than it had previously forecast, as well. In response, the company expects to cut $26.2 million (£15 million) from the operating costs of some of its businesses between now and April 2017. It plans to re-invest $2.9 million (£2 million) of that savings back into its PowerVR graphics division. The company will also sell off its Pure consumer electronics business.

The company appointed Andrew Heath as its interim chief executive officer, and it says it'll begin the search for a new CEO immediately. Heath had previously served in executive positions at Rolls-Royce and as CEO of Alent. Imagination's PowerVR graphics processors can be found in Apple's iPhone and iPad, among many other products.

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