Wolfson Electronics appoint new chairman

Source: Manufacturing Digital

Date :12/11/2007 11:57:36

Semiconductor group Wolfson Microelectronics has appointed Michael Ruettgers to succeed John Carey as chairman with effect from the New Year.

Development

“We believe that now is the right time in the company's evolution for a fresh, external perspective towards the leadership of the board,” said Wolfson boss Dave Shrigley on the appointment.

Mr. Ruettgers was chief executive and then executive chairman of U.S. digital storage group EMC Corp for almost ten years, during which he managed to increase the company’s revenues from $120 million to $9 billion.

This is a sharp contrast to Mr. Carey, who has suffered much criticism for failing to build on the company’s contract with Apple to build components for its iPod music player.

Challenges

Wolfson has been at the mercy of market forces more than most in the manufacturing sector recently as it reports in US dollars, while its material costs are largely sterling. If the record gap between the two currencies continues, Mr. Carey’s final months at Wolfson could be far easy.

In early London trading Wolfson shares were down two percent at 216.5p.

November 12, 2007