Arm China announced on Friday that Liu Renchen and Chen Xun (Eric Chen) will become its new co-CEOs, replacing “rogue” head Allen Wu, Chinese outlet ICSmart reported on Friday. Arm is regaining control of Arm China after a nearly two year-long saga, clearing a major obstacle to the chipmaker’s proposed IPO. In June 2020, Wu refused to leave the company after the board voted for his removal following an investigation that found he had failed to disclose conflicts of interest. Wu then took control of the company seal, or chop, a device that authorizes the company’s official documents, and effectively remained in control of the Chinese entity against Arm and SoftBank’s wishes. [ICSmart, in Chinese]
