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New blood for Wolfson

Created:
9 September 2008
Written by:
John Hughman

Wolfson said on Tuesday that its chief executive, Dave Shrigley, was stepping down 'for personal family reasons'. His replacement, Mike Hickey, joins from Motorola, where he was general manager of its multimedia handsets business.

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Investors may welcome the news, as Mr Shrigley's short tenure has coincided with a severe downturn in the company's fortunes. The shares have fallen 51 per cent in the last year, after it lost out on contracts with key customer, Apple.

IC VIEW

HighEnough

The shares have climbed 15 per cent since our last update, but our concerns over the weak outlook for consumer electronics demand remain unaltered. At 126p, the shares are still high enough.

Last IC view: High enough, 109p, 29 Jul 2008

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