Phison Electronics Corp (群聯電子), a supplier of NAND flash memory controllers and modules, yesterday said it has approved the resignation of Pua Khein-seng (潘健成) as chairman, after he was found guilty last month by a district court of financial statement fraud in 2016.
The Hsinchu-based company said that Pua took the initiative of resigning as chairman and board director to meet corporate governance requirements.
However, he is to stay as the company’s chief executive officer and will appeal the ruling, which sentenced him to two years in prison, the company said in a statement.
Photo: CNA
Pua’s resignation will not affect Phison’s operations, technology research and development, or its future goal of growing into a company with more than NT$100 billion (US$3.6 billion) in annual revenue, Phison said.
“Board directors support Pua remaining as CEO and leading the company in attaining that revenue goal,” it said.
Vice president and deputy product business head Gan Wee Kuan (顏暐駩) is to take over as chairman, it added.
The arrangement means that Pua, the largest individual shareholder of Phison, is to take charge of the responsibilities entrusted by the board and look after the long-term benefits of the company and shareholders, it said.
Phison reported NT$16.9 billion in revenue for last quarter and NT$2.38 billion in net income, or earnings of NT$12.1 per share, the second-highest in the company’s history.
Revenue in the first three quarters totaled NT$45.7 billion, while profit stood at NT$32.15 per share, company data showed.
Shares of Phison yesterday closed up 2.38 percent at NT$409, outpacing the TAIEX’s 0.44 percent gain, Taipei Exchange data showed.
Shares of contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) came under pressure yesterday after a report that Apple Inc is looking to shift some orders from the Taiwanese company to Intel Corp. TSMC shares fell NT$55, or 2.4 percent, to close at NT$2,235 on the local main board, Taiwan Stock Exchange data showed. Despite the losses, TSMC is expected to continue to benefit from sound fundamentals, as it maintains a lead over its peers in high-end process development, analysts said. “The selling was a knee-jerk reaction to an Intel-Apple report over the weekend,” Mega International Investment Services Corp (兆豐國際投顧) analyst Alex Huang
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to remain Apple Inc’s primary chip manufacturing partner despite reports that Apple could shift some orders to Intel Corp, industry experts said yesterday. The comments came after The Wall Street Journal reported on Friday that Apple and Intel had reached a preliminary agreement following more than a year of negotiations for Intel to manufacture some chips for Apple devices. Taiwan Institute of Economic Research (台灣經濟研究院) economist Arisa Liu (劉佩真) said TSMC’s advanced packaging technologies, including integrated fan-out and chip-on-wafer-on-substrate, remain critical to the performance of Apple’s A-series and M-series chips. She said Intel and Samsung
TRANSITION: With the closure, the company would reorganize its Taiwanese unit to a sales and service-focused model, Bridgestone said Bridgestone Corp yesterday announced it would cease manufacturing operations at its tire plant in Hsinchu County’s Hukou Township (湖口), affecting more than 500 workers. Bridgestone Taiwan Co (台灣普利司通) said in a statement that the decision was based on the Tokyo-based tire maker’s adjustments to its global operational strategy and long-term market development considerations. The Taiwanese unit would be reorganized as part of the closure, effective yesterday, and all related production activities would be concluded, the statement said. Under the plan, Bridgestone would continue to deepen its presence in the Taiwanese market, while transitioning to a sales and service-focused business model, it added. The Hsinchu
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has approved a capital budget of US$31.28 billion for production expansion to meet long-term development needs during the artificial intelligence (AI) boom. The company’s board meeting yesterday approved the capital appropriation plan for purposes such as the installation of advanced technology capacity and fab construction, the world’s largest contract chipmaker said in a statement. At an earnings conference last month, TSMC forecast that its capital expenditure for this year would be at the higher end of the US$52 billion to US$56 billion range it forecast in January in response to robust demand for 5G, AI and
RSS