A man has been arrested in connection with the crash
Technology company IQE has confirmed its finance chief, Phillip Rasmussen, was killed in an accident while on holiday over the weekend.
Mr Rasmussen, 47, was hit by a car while cycling in Menorca, Spain.
A 25-year-old American man has been arrested on suspicion of drink driving, after failing a roadside breath test.
“The news of Phil’s death has shocked and distressed all of us at IQE. The tragedy, of course, will be most deeply felt by Phil’s family, who we send our heartfelt condolences to at this terrible time.
"It is also a tragedy for so many of us who considered Phil a friend as much as a colleague,” said IQE’s president and chief executive, Drew Nelson.
“Phil was a great colleague and an accomplished CFO. He made the role his own, contributing so much over his ten years with us to IQE’s current strength; to the detailed and principled way we do things; to the potential we see before us as a firm.
"It has been my great privilege to work with Phil, to benefit from his good judgement and to count him as a very close friend.
"We will do everything we possibly can to preserve his legacy at IQE and continue with the shining example he has set for all of us.”
IQE, which manufactures semiconductors for a range of devices, including smart phones, said its non-executive chairman will become exec chairman to provide support to Mr Nelson and to the finance team on an interim basis.
A Foreign Office spokesperson said: "We have offered bereavement advice to the family following the death of a British man in Menorca.”
Additional reporting by news wires
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