Cyan Holdings Plc (AIM:CYAN.L), the fabless semiconductor company specialising in the development of low power consumption, configurable microcontroller chips, announces that Professor Michael Hughes, non-executive Chairman, has resigned with immediate effect from the Board of Cyan and as a director of the Company to concentrate on his other directorships and other interests.
Professor Hughes joined Cyan in July 2005 and played a lead role in successfully taking the Company through the IPO process in November 2005. He has also led the strategic review in the latter half of 2006, culminating with the appointment of Kenn Lamb as new CEO in April 2007 followed with a successful placing of £5.3 million in July 2007.
Dr John Read, non-executive Director, will take over the role of Interim Chairman. John is a veteran of the semiconductor industry with a record of developing profitable high-tech semiconductor businesses and he will lead the strengthening of the Board with future appointments.
John commented: "The Board wishes to thank Mike for his invaluable contribution over the past years. Cyan has benefited from his industry knowledge and he was instrumental in the Company's strategic development. We wish him every success for the future."
For further information, please contact:
| Cyan Holdings plc | |
| Kenn Lamb, CEO | Tel: +44 (0) 1954 234 400 |
| www.cyantechnology.com | |
| Collins Stewart Europe Limited | |
| Chris Howard / Oliver Quarmby | Tel: +44 (0) 20 7523 8350 |
| Corporate Finance | www.collins-stewart.com |
Media enquiries:
| Abchurch Communications | |
| Heather Salmond / Franziska Boehnke | Tel: +44 (0) 20 7398 7700 |
| franziska.boehnke@abchurch-group.com | www.abchurch-group.com |