June 10, 2020 / 1:40 AM / 25 days ago

CORRECTED-SoftBank's Arm says China joint venture replaces CEO

(Corrects to give full name of Arm China CEO in paragraph 1; to say that statement came from Arm Ltd, not Arm China, in paragraph 2; and that Arm Ltd sold a majority stake of its Chinese subsidiary in paragraph 5)

SHANGHAI, June 10 (Reuters) - SoftBank Group Corp-owned chip technology firm Arm Ltd said on Wednesday the chief executive officer of its China joint venture, Allen Wu, has stepped down and been replaced.

Arm Ltd said Arm China’s board of directors has appointed Ken Phua and Phil Tang as Arm China’s interim co-CEOs to replace Wu, who headed the joint venture as chairman and CEO.

Arm China is a Shanghai-based joint venture between British chip designer Arm Ltd and Chinese private equity firm Hopu Investments.

Wu did not immediately respond to a message sent to his LinkedIn account.

Arm China, which generates revenue by licensing chip architecture to Chinese companies, was established in 2018 when SoftBank sold a 51% stake in Arm Ltd’s Chinese subsidiary, Arm Technology (China) Co Ltd, to a group of Chinese investors. Softbank acquired Arm in 2016 for $32 billion.

The personnel change comes as the United States and China remain caught in a spat over technology. Last month, the Department of Commerce placed additional restrictions on smartphone maker Huawei Technologies Co Ltd that would prevent certain American companies from supplying to it.

Last October, the British company said it would continue to supply its designs to Huawei after ruling they did not breach U.S. rules. (Reporting by Josh Horwitz in Shanghai and Stephen Nellis in San Francisco; Editing by Rashmi Aich and Tom Hogue)

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