Although a few days ago we learned that the Japanese telecommunications company sweet bank had succeeded in regaining control of its ARM China division, its CEO, Allen Wu, still refuses to resign despite being fired Recently.
This is nothing new, as SoftBank and the ARM division in China have fights since the year 2020, Allen Wu having been terminated for apparent conflicts of interest and alleged violations of the corporate code. Since then, Wu has refused to resign from his post and even hired his own security company to prevent representatives of Arm Ltd. to enter, avoiding negotiations despite the fact that the statements were against them.
Subsequently, we know that ARM China voted to remove Wu, who will be replaced by Dr. Renchen Liu and Eric Chen, as co-CEOs. Dr. Liu is vice-dean of the Research Institute of Tsinghua University in Shenzen and has been registered as CEO and officer of the company.
However, once this decision was made, Wu released a letter signed by 430 employees against his replacementclaiming there were legal issues and accusing SoftBank of trying to control ARM China when it only owned 49% of the company.
“He refused to abide by the board’s decision, deliberately defied the limits of the law, and refused to relinquish his leadership duties,” ARM China said in a statement posted on its official Weibo account yesterday.
“Reuters reported that Allan Wu again refused to step down as CEO, even though the leadership change was approved by ARM China’s board and signed off by Chinese authorities. ARM China told with the news agency refusing to “relinquish its executive duties”, reports The Register.
“ARM declined to comment on the matter, instead referring us to its earlier statement that ARM China’s longstanding corporate governance issue had finally been resolved, and to an entry in its blog in which it gave more details on the appointment of the two co-directors”.