Two weeks before it plans to announce the financial results of its first quarter, embattled Chinese wireless value-added services firm Linktone Ltd. has replaced its top management.
Linktone reports the resignations of Michael Guangxin Li, the chief executive officer; Jimmy Lai, the company's chief financial officer, and Anthony Chia, chief operating officer. All departures are effective May 31, 2009. Hary Tanoesoedibjo, currently chairman at Linktone, has now been appointed as its CEO and Colin Sung has been appointed as both the company's deputy CEO and CFO.
In addition, Jun Wu and Michael Guangxin Li have resigned as members of the company's board of directors due to personal reasons.
Tanoesoedibjo stated, "In view of today's economic environment, we continue to evaluate all areas of our business for opportunities to improve efficiency and effectiveness. There are tremendous opportunities in China and other Southeast Asian markets which we plan to explore to the fullest, and we intend to use a combination of organic growth and strategic transactions, such as mergers and acquisitions, to drive company profitability and strengthen our presence."
For the full year of 2008, Linktone's gross revenue from WVAS and other revenues increased 35% to USD67.0 million from USD49.7 million in fiscal 2007. Net loss for the company was USD16.5 million compared to a net loss of USD16.4 million in fiscal 2007.