Deswell Announces the Passing of Richard P.H. Lau, Chairman
June 16 2023 - 7:30AM
Business Wire
The Board of Directors of Deswell Industries, Inc. (Nasdaq:
DSWL) is saddened to announce that Mr. Richard Pui Hon Lau, the
Company’s chairman, passed away on June 12, 2023.
The Board of Directors issued the following statement: "The
Company’s directors, Chief Executive Officer, Chief Financial
Officer and employees are immensely saddened by the passing of Mr.
Lau. Mr. Lau served the Company and its predecessors since its
inception in 1987. During his 36 years at Deswell, Mr. Lau led the
Company to transform and grow from a small plastic plant to a
Nasdaq listed company, producing a wide variety of plastic parts
and components, electronic products and subassemblies and metallic
molds. The contribution made by Mr. Lau to the Company is
immeasurable. We will miss him greatly. We extend our sympathies to
his family.”
The Board of Directors also announced the appointment of Mr.
Chin Pang Li as the Chairman of the Board of Directors. Mr. Li has
served the Company as a Member of the Board of Directors and in
various executive capacities with the Company and its predecessors
since its inception in 1987. He became Secretary of the Company in
February 1995 and Chief Financial Officer in May 1995, a position
which he held until March 31, 2006. Mr. Li received his Bachelor of
Science degree from Chun Yan Institute College, Taiwan in 1967.
Additionally, the Board of Directors announces the appointment
of Mr. Ben Yiu Sing Poon as interim Director, until the Company's
2023 Annual General Meeting, or other shareholders’ meeting called
before such date, when his appointment shall be submitted for
shareholder approval.
Mr. Poon has been working in one of the company’s major
subsidiaries since 2002. He received his bachelor’s degree in
mechanical engineering design from Northeastern University in
Massachusetts in 2002. He has been working in the plastic injection
manufacturing industrial field for 21 years and was appointed as a
General Manager of a major subsidiary since 2022. Mr. Poon is the
nephew of Mr. Lau.
Mr. Lau and the Board had taken care over the years to ensure
that the Company and its subsidiaries would be prepared to continue
in his absence. There will be no changes in the operation of the
Company, and at this time the Lau family has no plans to dispose of
the shares under their ownership.
About Deswell
Deswell manufactures injection-molded plastic parts and
components, electronic products and subassemblies, and metallic
molds and accessory parts for original equipment manufacturers
(“OEMs”) and contract manufacturers at its factories in the
People’s Republic of China. The Company produces a wide variety of
plastic parts and components used in the manufacture of consumer
and industrial products; printed circuit board assemblies using
surface mount (“SMT”) and finished products such as telephones,
telephone answering machines, sophisticated studio-quality audio
equipment and computer peripherals.
To learn more about Deswell Industries, Inc., please visit the
Company’s website at www.deswell.com.
Forward-Looking Statements
Statements in this press release that are "forward-looking
statements" are based on current expectations and assumptions that
are subject to risks and uncertainties. For example, our statement
that there will be no changes in the operation of the Company is a
forward-looking statement. Actual results could differ materially
because of the following factors, among others, which may cause
revenues and income to fall short of anticipated levels or our
overhead expenses to increase: our dependence on a few major
customers; vigorous competition forcing product price reductions or
discounts; the timing and amount of significant orders from our
relatively few significant customers; continuing increases in resin
prices that cannot be passed on to customers; unexpected production
delays; obsolete inventory or product returns; losses resulting
from fraudulent activity of our customers or employees; labor
shortages that increase labor and costs; changes in the mix of
product products we manufacture and sell; adverse currency
fluctuations in the renminbi and Hong Kong dollar when translated
to US dollars; potential new accounting pronouncements; and the
effects of travel restrictions and quarantines associated with
major health problems, such as the Severe Acute Respiratory
Syndrome, on general economic activity.
For further information regarding risks and uncertainties
associated with the Company’s business, please refer to the “Risk
Factors” section of Company’s Annual Report on Form 20-F, copies of
which may be obtained from the Website maintained by the Securities
and Exchange Commission at http://www.sec.gov.
All information in this release is made as of the date of this
press release. Deswell undertakes no duty to update any
forward-looking statement to conform the statement to actual
results or changes in Deswell’s expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20230616183446/en/
Investor Relations Contact: John Nesbett/Jennifer
Belodeau IMS Investor Relations 203.972.9200
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