BIÑAN, PHILIPPINES – Integrated Micro-Electronics CEO Arthur Tan will be stepping down as CEO in April, the company announced.

Tan will close out his term on April 25 after more than 20 years at the helm of the company, IMI said in a regulatory filing. To succeed Tan, the company's board has nominated Lou Hughes, who is described by the company as "a highly experienced professional with extensive global C-suite experience in sales, engineering, sourcing, and operations," to take over beginning May 1.

Hughes was previously a senior manager at General Electric, COO of Universal Electronics, and CEO of Beyonics.

"IMI’s board of directors is confident that Mr. Hughes will lead IMI with the same level of dedication, innovation, and excellence that is expected by our customers and stakeholders and assures its stakeholders of IMI’s commitment to maintaining operational continuity and delivering value during this transition period," the company said in a statement. "IMI will continue to maintain the highest standards of corporate governance and transparency throughout this process."