Jack Tseng resigned
Dow Jones Newswires
NEWTOWN, Pa. -- Tseng Labs Inc., which makes video and graphics
processors, after the stock market closed Tuesday said Jack Tseng resigned
as president, chief executive, chairman and as a director, effective Oct. 31.
Vice Chairman John J. Gibbons, 59, will assume the titles of president, chief
executive and chairman. Gibbons, a founder of Tseng Labs and a director since
1983, was executive vice president and chief operating officer.
Tseng Labs (TSNG) said it will take a pretax charge of about $700,000 in the
fourth quarter in connection with Tseng's resignation.
Tseng agreed to vote all voting shares of his common stock in proportion to the
votes of all other shareholders cast in any shareholder meeting.
As reported Oct. 10, Tseng Labs plans to cut its staff by 20% to 30%, and
expects to post a charge of $500,000 to $1 million in the fourth quarter for the
reductions. During the year-ago fourth quarter, Tseng Labs reported a loss of
$11.1 million, or 58 cents a share, on revenue of $3 million
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