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CNA
2 days ago
- CNA
Siltronic lowers full-year guidance
German semiconductor materials supplier Siltronic on Tuesday cut its annual sales guidance, amid continued weakness in its semiconductor business and high customer inventories. The group said it now expects sales to be in the mid-single-digit percentage range below the previous year, having previously guided towards sales being in the same region as the previous year. In 2024, the company achieved revenue of 1.41 billion euros ($1.63 billion), which was 7 per cent below the previous year. "The visible growth in end markets has so far not led to a normalization of inventory levels at chip manufacturers. As a result, there is still no noticeable recovery in demand at Siltronic," CEO Michael Heckmeier said in a statement. Siltronic confirmed its earnings before interest, taxes, depreciation and amortization margin target of between 21 per cent and 25 per cent for the year. ($1 = 0.8631 euros)
CNA
3 days ago
- CNA
WiseTech Global taps insider Zubin Appoo as new CEO, succeeding founder Richard White
Australian logistics software maker WiseTech Global on Monday said its chief of staff, Zubin Appoo, will take on the role of CEO effective immediately, succeeding billionaire founder Richard White. White, the company's long-serving chief executive, put down his papers last October, following a flurry of controversies, including media reports of allegations about his personal life. White's exit comes amid a broader crisis marked by boardroom exodus, corporate governance concerns, and share volatility that led to Australia's largest pension fund, AustralianSuper, selling its stake in WiseTech Global. Appoo previously spent 14 years at WiseTech from 2004 to 2018 as head of innovation and technology, and was part of the team that developed WiseTech's flagship CargoWise platform. He returned to the company earlier this year as the deputy chief innovation officer, reporting directly to White. "Zubin Appoo's appointment is a much-needed stabilising force" for WiseTech, said Josh Gilbert, market analyst with eToro. "His elevation to CEO allows the business to draw a line under recent boardroom drama and provides a clearer leadership structure moving forward." Shares of the company ended 0.3 per cent higher at A$120.5. Andrew Cartledge, who served as the logistics tech firm's finance chief for nearly a decade, took over the interim CEO duties in October 2024. The company reiterated that Cartledge will retire at the end of the year as previously stated, but did not specify what role he will take on till his retirement. Last year in October, the Australian Financial Review and other media outlets reported that a woman who had had a sexual relationship with White made numerous allegations against him in late 2020, including claims of inappropriate behaviour. Initial findings of an external governance review started by the company largely cleared White of wrongdoing, though it acknowledged that his management style might be perceived by some employees as intimidating.
CNA
5 days ago
- CNA
Intel to separate networking unit
Intel said on Friday it planned to establish its networking and communications business as a stand-alone company and has begun the process of identifying investors, as new CEO Lip-Bu Tan looks to streamline the struggling chipmaker.
