ARM names Buchanan as new Chairman

Microchip group ARM Holdings has announced that Sir John Buchanan, currently the Chairman of FTSE 100 medical devices firm Smith & Nephew is to take over as Chairman of the board from May 3rd onwards.

Buchanan - who is also the Deputy Chairman of Vodafone, Senior Independent Director of BHP Billiton and Chairman of the International Chamber of Commerce - is to replace the current Chairman Doug Dunn, who announced his resignation back in May 2011.

"I am delighted to welcome John to the ARM Board as Doug's successor and look forward to working closely with him," said ARM's Chief Executive Officer Warren East.

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"He has a wealth of international business experience gained through his executive and non-executive roles with a number of leading FTSE 100 companies."

The stock reacted well to the news, with shares trading 1.28% higher at 592p by 13:25.

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