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ARM Holdings CEO to retire in July

NEW YORK (AP) -- British chip designer ARM Holdings PLC said Tuesday that its CEO will retire later this year and be replaced by the company's current president.

Warren East will step down effective July 1, after nearly 12 years as CEO and 19 years at the company. He'll be replaced by Simon Segars.

East joined ARM, which designs chips for smartphones and tablets, in 1994 to establish its consulting business and later became vice president of business operations. He was named CEO in 2001.

Segars, 45, joined ARM in 1991 and has served on its board since 2005.

ARM's U.S. shares fell $1.04, or 3 percent, to $40.41 in premarket trading.