Phison Electronics' board of directors has approved the resignation of KS Pua as chairman, according to the Taiwan-based flash device controller specialist.
Pua took the initiative to resign from his chairman and board director positions to meet corporate governance requirements, Phison indicated. Pua was accused of financial statement fraud in 2016 and has been found guilty of the matter by a district court of Taiwan.
Phison said it expects to keep Pua as company CEO. Pua will appeal the ruling, which sentenced him to two years in prison, the company said in a statement.
Pua's resignation as Phison's chairman will have no impact on its operations, according to the company. VP and deputy product business head Gan Wee Kuan will immediately take over as chairman of Phison.
Phison has set a revenue goal of NT$100 billion for 2022, with a gross margin ranging from 24% to 30%, Pua was quoted as saying in previous reports.
Phison reported revenues of NT$45.72 billion (US$1.65 billion) for the first three quarters of 2021, up 28% on year, while gross margin rose 5.39pp to 31.47%. The company generated net profits of NT$6.34 billion during the nine-month period, with EPS coming to NT$32.15.
Pua found guilty of financial statement fraud in 2016
Photo: Digitimes file photo
