Ivan Hsia To Depart Asia Pacific Wire & Cable Corporation Limited

Rhea-AI Summary

Asia Pacific Wire & Cable (APWC) has announced the appointment of James Lu as acting Chief Financial Officer (CFO), following the resignation of Ivan Hsia. Lu, who has been with APWC for 16 years, previously served as Deputy CFO and held senior roles in Corporate Planning and Strategic Sales. He brings experience in implementing SAP Business Planning systems and has prior experience as Senior Manager of Overseas Business and as an auditor. Hsia will remain with the company through November 25, 2024.

Positive

• Smooth leadership transition with immediate appointment of acting CFO
• New acting CFO brings 16 years of company experience
• Acting CFO has relevant experience in implementing financial systems

Negative

• Departure of CFO could create temporary leadership uncertainty
• Need for executive search indicates lack of permanent replacement

TAIPEI, Taiwan, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Asia Pacific Wire & Cable Corporation Limited (Nasdaq:APWC) today announced that Mr. James Lu, APWC’s Deputy Chief Financial Officer, has been named acting Chief Financial Officer (CFO) effective immediately. The appointment follows the resignation of Ivan Hsia, CFO, who will remain with the company through November 25, 2024.

“I thank Ivan for his years of service and dedication to APWC and wish him well in his future endeavors. We are pleased to have a strong talent in James to serve in the interim while APWC conducts an executive search for a new CFO,” said Yuan Chun Tang, Chief Executive Officer of APWC.

Since joining APWC 16 years ago, Mr. Lu has held senior leadership roles in its Corporate Planning Division and Strategic Sales Department and served as Senior Manager - Office of the Chief Financial Officer. Mr. Lu is familiar with the operating conditions of APWC’s subsidiaries and was involved in implementing the SAP Business Planning and Consolidation software application.

Before joining APWC, Mr. Lu held roles as Senior Manager of the Overseas Business Department at a Taiwan-based computer and motherboard manufacturer and as an auditor at two certified public accounting firms in Taiwan. Mr. Lu was conferred a Master of Business Administration degree from Lincoln University and received his undergraduate degree from Taiwan’s Oxford College majoring in accounting and statistics.

Safe Harbor Statement

This release contains certain “forward-looking statements” relating to the Company, its business, and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes”, “anticipates”, “expects”, “estimates”, “intends”, “plans” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as believed, anticipated, expected, estimated, intended or planned. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.

Investor Relations Contact:

Pacific Holdings Group
Attn: Paul Weber
2901 Dallas Parkway, Suite 360
Plano, TX 75093
Phone: (469) 797-7191
Email: pweber@pusa.com

FAQ

Who is the new acting CFO of APWC?

James Lu, previously Deputy CFO, has been appointed as acting Chief Financial Officer of APWC effective immediately.

When is Ivan Hsia leaving APWC?

Ivan Hsia will remain with APWC through November 25, 2024.

What is James Lu's background at APWC?

James Lu has been with APWC for 16 years, holding senior roles in Corporate Planning Division and Strategic Sales Department, and served as Senior Manager in the Office of the Chief Financial Officer.

Is APWC searching for a permanent CFO?

Yes, APWC is conducting an executive search for a new permanent CFO while James Lu serves in an interim capacity.