Canyon Bridge: Imagination Technologies has hired a new CEO

British semiconductor manufacturer Imagination Technologies is to announce industry veteran Leo Li as its new boss this week.The Hertfordshire-based company has hired Li, the chair of the global semiconductor alliance, to take the helm after its £550m takeover by Canyon Bridge, Sky News reported today.He replaces Andrew Heath, the former Rolls Royce executive who was brought on to spearhead a turnaround two years ago.The company ran into trouble last year when Apple said it would no longer be using its technology, prompting Imagination to put itself up for sale.It was then bought by China-backed fund Canyon Bridge Capital Partners.New boss Li has previously held roles as CEO of Spreadtrum Communications and co-president of Tsinghua Unigroup.His appointment is expected to herald a push into Chinese markets, which Imagination has already begun through licensing deals and design agreements.The company has said that it expects demand to increase massively as Internet of Things technology expands.Read more: Apple hints at future plans with shock drop of Imagination Technologies