ARM president to step down

The company announced that Brown, 52, will retire and will not seek reelection to the board at its annual shareholder meeting on 3 May. Doug Dunn, ARM's chairman, said Brown had played an important role in the creation and successful development of the company over the past 21 years. Brown, who owns 651,308 ARM shares (0.5% of the company), worked his way up from an engineering director and chief technology officer, to executive vice president and global development and chief operating operator. In 2001, he joined the board and became president in 2008. Brown said: "I am very proud to have been so closely involved in building ARM to be the highly successful and respected company that it is today," adding that ARM is in a 'very strong position'. Last month, ARM reported that its Q3 net profit had more than doubled, mainly due to demand for smartphones and tablets.