VTech Holdings - the largest maker of cordless phones for the United States market - has appointed four SAR businessmen as non-executive directors in an effort to improve corporate governance.
The appointments come as the company - which suffered the worst loss in its history in the year to March 31 due to poor execution in an asset acquisition - is close to completing its year-long restructuring.
They also coincide with the announcement of an improvement of net profit to US$3.3 million in the six months to September 30 from US$800,000 in the previous corresponding period.
The new directors are Chinadotcom chairman Raymond Chien Kuo-fung; trading firm Li & Fung group managing director William Fung Kwok-lun; G2000 chairman Michael Tien Puk-sun and Johnson Electric chairman Patrick Wang Shui-chung.
VTech chairman Allan Wong Chi-yun said six members of the present board of directors had resigned, while he, chief financial officer Paddy Law and group vice-chairman Albert Lee would remain on the board.
The board will meet four times a year and be accessible to management for advice on business development.