Imagination Technologies CEO steps down amid financial upheaval
by from Techreport on (#13A7C)
Imagination Technologies CEO Hossein Yassaie announced his departure this morning as the company warned it would record a loss for its fiscal year ending April 30, 2016. Yassaie joined the company in 1992 and became its CEO in 1998. His corporate profile credits him with creating the intellectual property licensing model that brought the company to prominence.
Imagination says royalties from some of its key customers fell short of its expectations last quarter, and it now expects less revenue in the first quarter than it had previously forecast, as well. In response, the company expects to cut $26.2 ...