HTC has seen its shares plunge by six percent after it was announced that its outspoken chief financial officer had been shifted sideways.
HTC also had to deal with the news of the early release of a new Galaxy S phone by arch rival Samsung which is not likely to make its life any easier.
According to Reuters, it is not clear why Winston Yung has been given new duties. Yung had tended to speak his mind, which when you are about to be eaten by a hungry lion is never a good idea.
However, he has not been sacked and appears to be given a new job in a different office where he does not get calls from the press to ask his views on the future of the company. His new title is something not well defined in “corporate development.” We hope it isn’t just feeding the goldfish.
He has been replaced by Chia-Lin Chang, who is a former partner at Goldman Sachs in Taiwan.
Chang has a few problems to sort out when she finally gets Yung’s furniture out of the office and installs her potted plant.
HTC has been losing market share to Samsung and Apple and no one seems to think that HTC smartphones are any good. It does have some new products on the way this year which could save it.
That is not the fault of the finance department, normally. But there are rumours that the numbers are not flowing through HTC’s accounts department as quickly as they should.