Cellstar (NASDAQ:CLSTE)
Historical Stock Chart
From Jun 2019 to Jun 2024
CellStar Announces Key Management Changes and Establishes New
CellStar Asia Board
- Terry S. Parker resigns from Board of CellStar Corporation and as Executive
Chairman; assumes Chairman role for new Asia Board - Robert A. Kaiser named to
Board of CellStar Corporation and named CEO and Chairman of the Board; assumes
responsibility for Asia Pacific Region - James Chan named CFO of Asia Pacific
Region
CARROLLTON, Texas, May 2 /PRNewswire-FirstCall/ -- CellStar Corporation
(NASDAQ:CLSTE), a value-added wireless logistics and distribution services
leader, today announced key management changes primarily related to its Asia
Pacific operations and the establishment of a new board of directors for
CellStar International Corporation/Asia, a Delaware subsidiary which acts as
the U.S. holding company for the Asia Pacific operations. The new Asia Board
will be responsible for setting the direction and overseeing the execution of
the Company's China strategy, and is a direct response to the recent decline in
financial performance of the Company's operations in China.
The Asia Board will report directly to Robert Kaiser, who was named to the
Board of CellStar Corporation to fill the vacancy created by the resignation of
Terry Parker. Mr. Kaiser will serve as Chairman of CellStar Corporation's
Board of Directors. Kaiser also assumes responsibility for the Asia Pacific
operations. In April of 2004, Parker assumed the role of Executive Chairman
but retained responsibility for the Company's Asia Pacific operations pending
the completion of the proposed Greater China IPO. In September 2004, the
Company announced that it would not proceed with the IPO due to changes in the
economy and the handset industry during the first half of 2004 and the
resulting negative impact of those changes on its revenues and profits.
Mr. Parker will serve as Chairman of the Asia Board. As part of his duties as
Chairman, Parker will move to Shanghai for an indefinite period of time to
assist the Asia management team on a full time basis. He will continue to work
closely with Mr. A.S. Horng, the head of the Asia Pacific Region, and his team,
assisting them with the implementation of the China strategy. Mr. Horng will
report directly to the Asia Board.
In addition to Messrs. Kaiser, Parker and Horng, the Asia Board will include
CellStar Corporation Board members Mr. John T. Kamm and Dr. Da Hsuan Feng, the
Company's newest Board member. Both of these individuals speak several Chinese
languages including Mandarin, Cantonese and Shanghainese, and bring a wealth of
cultural knowledge as well as Chinese industry, economic, and market experience
that will be valuable assets to the Company as it restructures its business in
the region. Mr. Raymond L. Durham, Senior Vice President and CFO will also
serve on the Asia Board.
The Company also announced that Mr. James Chan has been named CFO of the Asia
Pacific Region. Mr. Chan, who is multilingual and speaks Mandarin & Cantonese,
joins CellStar Asia from Glanbia PLC, a manufacturer of dairy products in the
U.S. and Europe, where he served as Interim CFO in Shanghai, China and was
responsible for opening the company's Asia Pacific sales office. Prior to that,
Mr. Chan was Vice President of Finance for Ocular LCD, Inc., a U.S.
manufacturer with an office in Hong Kong and factories in China. Mr. Chan also
served as Vice President, Finance for Promotional Partners Worldwide where he
spearheaded the restructuring of the North America office. Earlier in his
career, Chan held various senior level finance and accounting positions.
About CellStar Corporation
CellStar Corporation is a leading global provider of value added logistics and
distribution services to the wireless communications industry, with operations
in the North American, Latin American and Asia-Pacific Regions. CellStar
facilitates the effective and efficient distribution of handsets, related
accessories and other wireless products from leading manufacturers to network
operators, agents, resellers, dealers and retailers. CellStar also provides
activation services in some of its markets that generate new subscribers for
its wireless carriers. For the year ended November 30, 2003, the Company
reported revenues of $1.8 billion. Additional information about CellStar may
be found on its website at http://www.cellstar.com/ .
This news release contains forward-looking statements, as defined in the
Private Securities Litigation Reform Act of 1995. A variety of risk factors,
including the Company's ability to implement its business strategies, to
maintain its channels of distribution, continue to secure an adequate supply of
competitive products on a timely basis and on commercially reasonable terms,
improve its operating margins, secure adequate financial resources, maintain an
adequate system of internal control, comply with debt covenants, and
continually turn its inventories and accounts receivable, as well as changes in
foreign laws, regulations and tariffs, new technologies, system implementation
difficulties, competition, handset shortages or overages, terrorist acts, a
decline in consumer confidence and continued economic weakness in the U.S. and
other countries in which the Company does business and other risk factors, are
discussed in the Company's Annual Report on Form 10-K and most recent Quarterly
Report on Form 10-Q. Any one, or a combination of these risk factors could
cause CellStar's actual results to vary materially from anticipated results or
other expectations expressed in the Company's forward-looking statements.
DATASOURCE: CellStar Corporation
CONTACT: Sherrian Gunn of CellStar Corporation, +1-972-466-5031
Web site: http://www.cellstar.com/