September 26, 2008
In a briefing today by investment bank JPMorgan, the bank confirmed Nam Tai’s CFO and President, John Farina, resigned today after a short term of roughly 15 months with the company.
Effective immediately, Chan Sze Chung, Nam Tai Electronics’ current financial controller was appointed as acting CFO. JPMorgan expressed surprise with the news, but thinks John Farina’s resignation was mainly due to family reasons although the bank has yet to get any details or a better understanding of the situation.
JPMorgan believes John Farina has been instrumental behind Nam Tai’s recent restructuring efforts and significantly improving Nam Tai’s communications with Wall Street. While the bank feels the loss of Mr. Farina is a definite negative for Nam Tai, it does not foresee major operational disruption.
Uncertainty increases
Mr. Farina’s departure, however, does increase the degree of uncertainty around Nam Tai Electronics and its future. It was JPMorgan’s belief Farina would continue to streamline the Company, carefully managing capital expenditures / expansion, and help preserve the Company’s large dividend.
At the same time the bank has said in the past it considers Nam Tai Electronics a potentially attractive acquisition candidate for any number of companies in the industry and JPMorgan believed Farina shared this view.
JPMorgan ended the briefing by stating with a new CFO on board, it’s difficult to say how things will change.
VentureOutsource.com, JPMorgan
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