ARM HOLDINGS, the company that designs chips found in 95% of all smartphones, said on Thursday that chief financial officer Tim Score will retire next May after 12 years at the chip maker.
Score, who has been chief financial officer since 2002, has been an integral part of the leadership team responsible for growing ARM’s market capitalisation from under £3bn in 2001 to £14bn today.
“When I joined in 2002, it had been in a very fast growth phase and lived from quarter to quarter and had an unbroken record of success,” Score told Financial Director last month. “But planning was more about making sure we were going to hit the next quarter [earnings target], and maybe the one after that if we were really being far-sighted.”
Before joining ARM, Score held a succession of roles at the likes of Arthur Andersen, engineering group BTR, Lucas Industries and others, including group finance director of William Baird and Rebus Group.
ARM said it would appoint search consultants shortly to find a successor.
Simon Segars, CEO of ARM Holdings, said: “Tim has been, and continues to be an excellent CFO. He has played a major role in the ARM management team for the last 12 years and it has been a pleasure to work alongside him. I am pleased that he will remain in the company for the next twelve months so that we can identify his successor and ensure a seamless handover.”
Analysts at RBC cited by the Wall Street Journal said Score was “extremely well regarded by the market, and will be missed.” They added that that ARM should be able to attract a high-caliber replacement.