Bloomberg3 years ago
TPK Holding Co. (3673) , the Taiwanese company that developed touch-screens for Apple Inc.’s first iPhone, appointed a former Foxconn Technology Group executive to lead its turnaround. Michael Chung, who previously headed the Foxconn team that assembles iPhones and iPods, takes over as president and chief executive officer from Tom Sun, who becomes deputy chairman. Wrong-way bets on the future of touch-screen notebooks and delays in production of new, thinner display technologies has caused TPK to lose orders from Apple that contributed to four quarters of revenue declines. While sales rebounded last quarter, they weren’t enough to stave off a loss for the period, prompting Chairman and founder Michael Chiang to invite Chung to take over.