Syntax-Brillian Corporation (NASDAQ:BRLC) is up to some more changes today. The company has appointed Greg Rayburn as Interim-CEO with an effective date of June 4, 2008. It says that Rayburn will replace James Ching Hua Li on an interim basis, who will take an indefinite leave of absence from the company to address personal issues.
Under Board approval granted on June 4, 2008, Mr. Li will be compensated according to the original terms and conditions of his employment agreement during his leave of absence and will continue to serve as a director of the Company.
Rayburn was appointed Syntax-Brillian’s Interim Chief Operating Officer on April 16, 2008 and is a Senior Managing Director and the Practice Leader of FTI Palladium Partners, the interim management practice of FTI Consulting, Inc.
He has previously been CEO of International Outsourcing Services, LLC from 2007 to 2008; Chief Executive Officer of Muzak Holdings LLC from 2005 to 2006; Chief Operating Officer of aaiPharma Inc. from 2004 to 2005; Chief Restructuring Officer of WorldCom, Inc. from 2003 to 2004; and Chief Executive Officer of Sunterra Corporation from 2000 to 2002.
Syntax-Brillian shares are down some 5% at $0.70 today in the first 25 minutes of trading and shares met the 52-week low this morning. Its 52-week trading range is $0.69 to $7.14. Eighteen months ago this was a $10.00 stock.
The Company also announced the resignation of two directors:
Man Kit (Thomas) Chow, effective May 28, 2008;
and Christopher C.L. Liu, effective May 30, 2008.
This stock is one we have had under question for far too long to think much good is happening there.
Jon C. Ogg
June 5, 2008
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