HTC Corp (宏達電), the world’s No. 5 smartphone brand, yesterday named former Goldman Sachs banker Chang Chia-lin (張嘉臨) as its new chief financial officer and spokesman, after net profits plummeted 70 percent year-on-year in the first quarter of the year.
Chang replaces outgoing chief financial officer Winston Yung (容覺生), the company said in an e-mailed statement. The personnel adjustment took effect yesterday.
Earlier this month, HTC reported a nearly 70 percent annual decline in its first-quarter net profits to NT$4.46 billion (US$150.86 million), or income per share of NT$5.35, on shrinking demand.
Chang, previously an investment banker and partner at Goldman Sachs, will be responsible for corporate finance and accounting, strategic acquisition and investment, and investor relations, the statement said.
Chang earned a doctorate in electrical engineering from -Princeton University and an MBA from the Wharton School at University of Pennsylvania.
After receiving his doctorate, Chang served as an engineer at Motorola Mobility Holdings Inc in the US.
Yung, Chang’s predecessor, joined HTC in January of last year. He will stay with the company, but shift his focus to corporate development and seek to help the firm maintain its competitive edge by strengthening organization and corporate talent, the statement said.
HTC’s shares dropped 2.82 percent, or NT$15, to close at NT$517 on the Taiwan Stock Exchange yesterday, before the announcement of Chang’s appointment.