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TheStreet Open House

Nam Tai Electronics CFO resigns

By The Associated Press

China-based Nam Tai Electronics Inc. said Friday that its acting chief financial officer had resigned and been replaced by a former executive of the company.

Chan Sze Chung resigned as CFO and became vice CFO effective last Sunday, the company said.

M.K. Koo was appointed CFO and an executive chairman, also effective last Sunday. Koo is a founder of the Nam Tai Group and has served various senior executive roles with Nam Tai.

The company, based in Macau, makes LCD panels and other components for telecommunications and consumer-products manufacturers.

Nam Tai's chief executive resigned in November after the company reported that third-quarter profit and revenue dropped sharply due to weakness in the telecommunications market. He cited family reasons for quitting.

U.S.-traded shares rose 3 cents to $3.08 in late-afternoon trading.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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