BenQ, Facing Trial, Dismisses CEO Lee
With the company’s insider trading trial about to get underway, the struggling BenQ Group announced Monday that K.Y. Lee will relinquish his titles as president and CEO of both BenQ Corp. and panel maker AU Optronics, IDG News Service reported. Lee will retain his title of chairman of both companies.
BenQ has struggled in recent years, mostly due to a disastrous attempt to enter the mobile phone business. The since-abandoned move, which has cost the company over $1 billion, has led to fears that creditors will seize control of the company. In addition, five company executives, a group that does not include Lee, face trial in Taiwan on charges of insider stock trading.
The company also announced, as part of its restructuring, that BenQ will be spun off into a separate company, while its manufacturing operations will henceforth be known as “Qisda Corp.” Lee will be chairman of Qisda as well as the other companies, while Hsiung Hui and Conway Lee will replace K.Y. Lee as president of Qisda and BenQ, respectively.