What you need to know
- Simon Segars has stepped down as CEO of Arm in the aftermath of NVIDIA's acquisition of the company falling through.
- SoftBank confirmed that the planned $40 billion purchase had been terminated following "significant regulatory challenges."
- Rene Haas will take over as CEO of the company and will serve on Arm's board of directors.
Haas has been in the semiconductor industry for 35 years, and the head of SoftBank believes Haas is ready to take over.
"Rene is the right leader to accelerate Arm's growth as the company starts making preparations to re-enter the public markets," said Representative Director, Corporate Officer, Chairman & CEO of SoftBank Group Corp Masayoshi Son. "I would like to thank Simon [Segars] for his leadership, contributions and dedication to Arm over the past 30 years."
Haas mentioned moving beyond the "uncertainty of the past several months," likely referencing NVIDIA's efforts to clear its acquisition of Arm with regulators:
It is an honor to lead the world's most influential technology company at a time when Arm's market opportunity has never been greater... We are now uniquely positioned to address the diverse demands of AI, cloud, IoT, automotive and the Metaverse. And with the uncertainty of the past several months behind us, we are emboldened by a renewed energy to move into a growth strategy and change lives around the world―again.
The CEO switch came on the same morning that SoftBank announced that NVIDIA would no longer acquire Arm. That proposed purchase met heavy scrutiny from tech giants and faced multiple regulatory hurdles by the FTC in the U.S., the UK government, and the European Union.
NVIDIA and SoftBank decided to terminate the deal due to " significant regulatory challenges." SoftBank is already preparing to publicly list Arm.
During the transition to Haas entering his new roles, Segars will serve in an advisory role for Arm.
