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Linktone Announces Further Executive Resignations
March 6, 2006 |
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A week after announcing dismal earnings for 2005 and the departure of the company's CEO, Linktone (LTON) today announced that its Chief Technology Officer Xin Ye and Vice President of Human Resources Thomas Zheng have left the company effective February 28, 2006.
Linktone's net income for the fourth quarter was US$1.5 million, or US$0.05 per fully diluted ADS, compared with US$4.1 million, or US$0.15 per ADS, for the third quarter of 2005 and US$1.9 million, or US$0.07 per fully diluted ADS, for the fourth quarter of 2004.
Linktone's CEO Raymond Yang also resigned in February, enabling Colin Sung to become Acting Chief Executive Officer.
The company says it is undertaking a strategic transition designed to strengthen its financial performance and position in the wireless value-added services industry in China by creating a leaner organization, more efficiently managing expenditures and actively leveraging the strategic acquisitions made in 2005 to deliver clearer contributions in 2006 and beyond.
Acting Chief Executive Officer and Chief Financial Officer Colin Sung said, "Our goal is to more effectively execute our plans of growing current business while improving margins and profitability in 2006."
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