IQE CFO Phillip Rasmussen dies in cycling accident

IQE said Tuesday that its long-serving Chief Financial Officer, Phillip J Rasmussen, died in a cycling incident that took place on 1 April 2018 whilst on holiday abroad.

Dr Godfrey Ainsworth FCA, currently Non-Executive Chairman, will become Executive Chairman providing support to the Chief Executive Officer, Dr Drew Nelson, concentrating on investor and external relations.

Godfrey will also provide oversight support on an interim basis to the Finance Team which is headed by Group Finance Director, Mr Neil Rummings ACA.

IQE President and Chief Executive Officer, Drew Nelson, said: 'The news of Phil's death has shocked and distressed all of us at IQE. The tragedy, of course, will be most deeply felt by Phil's family, who we send our heartfelt condolences to at this terrible time. It is also a tragedy for so many of us who considered Phil a friend as much as a colleague.'

'Phil was a great colleague and an accomplished CFO. He made the role his own, contributing so much over his ten years with us to IQE's current strength; to the detailed and principled way we do things; to the potential we see before us as a firm. It has been my great privilege to work with Phil, to benefit from his good judgement and to count him as a very close friend. We will do everything we possibly can to preserve his legacy at IQE and continue with the shining example he has set for all of us.'

At 9:38am: (LON:IQE) IQE PLC share price was -6.85p at 121.55p