October 22, 2018 / 6:48 PM / a month ago

Arm CEO pulls out of Saudi conference: source

FILE PHOTO: ARM's CEO Simon Segars delivers a speech at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo

(Reuters) - British chip designer Arm Holdings Chief Executive Officer Simon Segars has pulled out of the Saudi Arabia investment conference this week, a source familiar with the matter told Reuters on Monday.

Segars is the latest among several high-profile company executives to pull out of the conference amid mounting pressure on Riyadh over the disappearance and alleged killing of journalist Jamal Khashoggi.

Arm Holdings was acquired by SoftBank Group (9984.T) in 2016 for $32 billion.

Bloomberg reported earlier on Monday that SoftBank Chief Operating Officer Marcelo Claure will not be attending the Saudi Arabia investment conference this week.

Softbank’s Vision Fund, nearly half of whose $93 billion in funding came from Saudi Arabia, acquired a 25 percent stake in Arm from SoftBank last year, among the fund’s largest deals to date.

Reporting by Vibhuti Sharma in Bengaluru and Stephen Nellis in San Fransisco; Editing by Anil D'Silva

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