11/28 20:01
VTech Revamps Board After Posting $3.3 Mln Half-Year Profit
By Alan Patterson
Hong Kong, Nov. 29 (Bloomberg) -- VTech Holdings Ltd. named four new members to its board after six director quit following yesterday's release of $3.3 million first-half profit figures by the world's second-biggest cordless-phone maker.
``As VTech moves forward following our restructuring, it is important to seek new ways of thinking about our business,'' said Chairman Allan Wong in a statement.
VTech said Raymond Ch'ien, executive chairman of Chinadotcom Corp.; William Fung, group managing director of Li & Fung; Michael Tien, chairman of the G2000 Group and Patrick Wang, chairman of Johnson Electric Group, will join the board.
VTech said the new director have experience in technology, marketing, manufacturing, sourcing, logistics and distribution.
Resigning from the board were: To Cheuck Wah, Nils Martensson, Philip Tose, William Ho, Jack Hirsch and Barry Armstrong. Ho and To will continue as members of the VTech management board, the company said.
VTech yesterday said first-half profit rose to 1.4 U.S. cents a share, from $800,000, or 0.3 U.S. cents, a year earlier. |
