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Arm wrestles control of Chinese joint venture back
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Arm wrestles control of Chinese joint venture back
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1st May 2022, 05:42
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| [M] Reviewer  Join Date: May 2010 Location: Romania
Posts: 148,462
 |  Arm wrestles control of Chinese joint venture back Wu claims he was wronged Arm has regained control of its Chinese joint venture according to Nikkei and Reuters. Yesterday we reported that Arm was trying to get back control of its Chinese operation from CEO Alan Wu who it had fired over conflicts of interest Since June 2020 Wu refused to go or to hand over the documents that would allow the appointment of a new leader. The problem was that SoftBank owned 49 per cent of the Chinese venture, and as a minority stakeholder could not order Wu’s removal. Now it seems that Arm and Softbank have managed to do it, even if Wu claimed that the moves to have him replaced were illegal and reports to that effect were using foreign media as a catspaw to slur him. SoftBank execs have reportedly been appointed as Arm China's senior officers. It is unclear how Arm and Softbank pulled off the coup unless it went in at night and changed the locks. https://fudzilla.com/news/54775-arm-...t-venture-back |
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