TCP International Holdings Ltd (NYSE:TCPI) announced that Ellis Yan has decided not to renew his employment agreement as Chief Executive Officer as of the expiration of his contract on June 30, 2015. To help ensure a smooth transition, Mr. Yan will continue to serve as Chairman of the TCP Board of Directors and has agreed to be available, as requested, to consult with the new Chief Executive Officer following that appointment. The Nominating and Governance Committee of the TCP Board has begun a search process to identify the next Chief Executive Officer.
Steven Willensky, an independent member of the TCP Board and Chair of its Nominating and Governance Committee, said, “We appreciate the contributions that Ellis made as the founder of TCP. His guidance and the hard work of our dedicated team have enabled TCP to become a leading global manufacturer and distributor of energy efficient lighting technologies. As Chairman and one of the Company’s largest shareholders, Ellis’s insight and expertise will continue to benefit TCP.”
Mr. Yan said, “I am proud to have led TCP and am confident the TCP management team will continue driving the Company’s growth and success. While this was a difficult decision for me personally, it is the right decision for the Company and its shareholders. TCP has numerous operating and financial strengths, including a leading product portfolio, a cost efficient manufacturing footprint and more than 7,000 talented employees. With this foundation in place, TCP is well positioned to advance to the next generation of leadership. I look forward to continuing to serve the Company as a board member and Chairman.”
Mr. Willensky continued, “Our search for the Company’s next CEO will focus on individuals who have proven records of leadership and operational experience suited to TCP’s business and the continued execution of TCP’s strategic objectives.” (Original Source)
Shares of TCP International closed today at $3.19, up $0.47 or 17.28%. TCPI has a 1-year high of $11.40 and a 1-year low of $2.22. The stock’s 50-day moving average is $2.82 and its 200-day moving average is $5.40.
On the ratings front, Canaccord Genuity analyst Jonathan Dorsheimer maintained a Buy rating on TCPI, in a report issued on March 1. According to TipRanks.com, Dorsheimer has a total average return of -0.6%, a 40.4% success rate, and is ranked #2849 out of 3574 analysts.
TCP International Holdings Ltd is a producer and provider of energy efficient light bulbs to the structures light bulb market. It designs, develops, manufacture and deliver quality energy efficient lamps, fixtures & among others.