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ARC chief exec steps down

Chip designer Arc International's CEO, Bob Terwilliger, has stepped down amid "difficult market conditions" that have continued into the third quarter, the company said Thursday. John Stockton, who had been the company's chairman, has assumed the role of acting CEO, while board member Jan Tufvesson has been named chairman. Arc plans to report results for the third quarter on Nov. 1.

Chip designer Arc International's CEO, Bob Terwilliger, has stepped down amid "difficult market conditions" that have continued into the third quarter, the company said Thursday. John Stockton, who had been the company's chairman, has assumed the role of acting CEO, while board member Jan Tufvesson has been named chairman. Arc plans to report results for the third quarter on Nov. 1.