NQ Mobile CFO ResignsAugust 25, 2014 | Print | Comments | Category: Law & Policy, Security, Telecom & Wireless
NQ Mobile, a Chinese provider of mobile Internet services, announced that its chief financial officer KB Teo departed the company last week.
According to NQ Mobile, Teo's resignation became effective from August 22, 2014. Before the determination of a replacement, Shi Wenyong, co-founder and chief operating officer of NQ Mobile, will act the CFO role.
NQ Mobile said that the departure of Teo is not related to any company operation, policy or accounting behaviors and it is simply due to family reasons. The company appreciates Teo's contribution.
Lin Yu, chairman and co-CEO of NQ Mobile, said that on behalf of the board of directors and executive team, he would like to thank Teo for his service over the past year. He brought great support to the company and the company wishes him well.
NQ Mobile was previously accused of fraud by the research firm Muddy Waters. Muddy Waters claimed that NQ Mobile operated a massive fraud and 72% of NQ Mobile's Chinese security service revenue in 2012 was false. However, NQ Mobile said they have full confidence in all previous released financial information and documents. The Chinese company stated that the information is accurate and they will not make any substantial adjustments.
As of December 31, 2013, NQ Mobile claims to maintain a global user base of 481 million registered user accounts and 136 million monthly active user accounts through its consumer mobile security business, 107 million registered user accounts and 20 million monthly active user accounts through its mobile games and advertising business and over 1,250 enterprise customers. NQ Mobile maintains dual headquarters in Dallas, Texas, USA and Beijing, China.
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