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
Get list of EMS manufacturers for your requirements (Its free)
Save time and money. Find quality EMS manufacturers. Fast. Venture Outsource has a massive, global database of contract electronic design and manufacturing capabilities. Speak with a Provider Advisor.
“Was able to very quickly find details on the important elements of setting up EMS and ODM partnerships, talked with an advisor for personalized info on quality providers matching our requirements while getting up to speed quickly about the industry and connect with key staff from like-minded companies and potential partners. Great resource.”
— Jeff Treuhaft, Sr. Vice President, Fusion-IO
Advisors tell you matches we find for your needs, answer your questions and, can share EMS industry knowledge specific to your industries and markets.