Vibo Telecom CEO resigns in wake of company's acquisition
January 24, 2014, 12:06 am TWN
TAIPEI -- George Chou, the CEO of Taiwanese 3G network operator Vibo Telecom Inc., has resigned for personal reasons, the company said Thursday.
Chou's resignation, which was approved by the board of directors the same day, signals a management reshuffle in the wake of the company's acquisition by a new 4G entrant.
His position will be taken over by Vibo Vice Chairman William Yen, as part of the Vibo's efforts to cash in on the 4G opportunities, the carrier said in an emailed statement.
It said Chou, who went to Vibo in 2011 from Taiwan Mobile Co., stepped down for "personal reasons" and will serve as a senior consultant at Compal Electronics Inc., a contract laptop maker and Vibo's former parent company.
The decision came two months after Taiwan's Kinpo Electronics Inc. and Compal agreed to sell their stakes in Vibo to Taiwan Star Cellular Corp., a subsidiary of the conglomerate Ting Hsin International Group.
Under the deal, the loss-making Vibo will become a wholly owned subsidiary of Taiwan Star through a share swap that is expected to be completed by the end of April this year.
Taiwan Star is one of two new entrants to win a license in Taiwan's recent 4G spectrum bidding, along with Ambit Microsystems Corp., which is backed by the Hon Hai Group.
Taiwan Star won a 10MHz block in the 900MHz band with a bid of NT$3.655 billion (US$121 million).