TPK Holding Co Ltd (宸鴻) president and chief executive officer Chiang Hwai-hai (江懷海) is stepping down after 15 months in the roles, the maker of touch solutions said in a statement on Friday, adding that he is to be replaced by senior vice president Leo Hsieh (謝立群).
“TPK Holding Co Ltd today announced that its board of directors has appointed Mr Leo Hsieh as the new president and CEO after the resignation of former president and CEO Mr H.H. Chiang due to personal reasons,” the statement said.
TPK, a supplier for Apple Inc’s iPhone and iPad products, said the personnel change would be effective from Dec. 1.
Hsieh joined TPK in 2015 and oversees the company’s largest business unit, touch modules. Prior to joining TPK, he worked at Lite-On Technology Corp (光寶), Nortel Networks Corp and Winfanet Systems Inc. After taking the helm at TPK, Hsieh, 55, would be its third president/CEO in four years.
TPK did not elaborate on Chiang’s departure, but local media on Saturday said changes among top executives at the firm in the past few years reflected increasing competition in the touch solutions industry.
Chiang arrived at TPK on Sept. 1 last year from being executive vice president and CEO of Jabil Green Point High Technology Co (捷普集團綠點高新科技) after his predecessor, Michael Chung (鍾依華), retired after three years in office.
Chiang helped the company post a turnaround last quarter with a net income of NT$160.66 million (US$5.2 million), compared with a net loss of NT$227.37 million in the previous quarter, although last quarter’s profit was still a substantial decline from the same period a year earlier, when the company earned NT$870.19 million.
In the first 10 months of the year, TPK’s cumulative revenue grew 4.37 percent annually to NT$88.1 billion.
The company said at an investors’ conference on Nov. 1 that revenue this quarter is likely to increase by 30 percent from last quarter’s NT$32.19 billion.
Operating margin is expected to improve by up to 0.5 percentage points from 0.62 percent, it said.
Shares in TPK fell 1.53 percent to NT$51.6 on Friday. So far this year, the stock has dropped 38.28 percent.
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