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HTC shares tumble as CFO departs

Also knocked by Samsung Galaxy S III announcement
Tue Apr 17 2012, 11:44

TAIWANESE SMARTPHONE MAKER HTC saw its shares tumble six per cent on Tuesday after being rocked by the unexpected departure of its CFO.

HTC announced the surprise exit of CFO Winston Yung yesterday, saying that he will be replaced by ex-Motorola engineer Chia-Lin Chang. HTC added that Chang's experience in banking will help "carry on growth momentum" for the company, although the reason behind the switch was not clear.

Goldman Sachs analyst Robert Yen commented on the change of executives saying, "We believe the change in CFO may indicate HTC's more aggressive attitude toward its finance department in terms of creating value other than just accounting integrity, especially the value in enhancing the uniqueness and competitiveness of its smartphone products and services."

We can't help but think that HTC has also been knocked by Samsung's Galaxy S III launch date announcement yesterday, as the firm has struggled to compete against its Korean rival's similarly configured handsets. Samsung is expected to launch its latest Galaxy smartphone at a London event on 3 May, an unveiling that is expected to affect sales of the HTC One X.

HTC was not available to comment at the time of writing. µ

 

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