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CFO Suddenly Departs Linktone
January 16, 2008 |
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Chinese wireless value-added services firm Linktone (LTON) announced the resignation of Colin Sung, the company's chief financial officer, effective January 31, 2008.
Sung is expected to remain with Linktone in a consulting capacity for a transition period in order to assist the company with the planned strategic investment by PT Media Nusantara Citra Tbk, but he has also resigned as a member of the board of directors. Sung reportedly told the company that he is leaving his position to pursue other interests.
Foo Him Tiem, the deputy chief financial officer of Linktone, has been appointed acting chief financial officer of the company.
In a company press release, Sung said, "It has been my pleasure to serve as Chief Financial Officer of Linktone for the past 2 and a half years. I believe that the company is well-positioned with strong initiatives and ample opportunity to achieve long-term value for its shareholders."
However the company recorded a net loss of US$2.79 million in the third quarter of 2007, and Sung's sudden departure prior to the announcement of the company's fourth quarter results for 2007 may be a sign the company is having problems finding its footing.
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