Syntax-Brillian Corporation (Nasdaq:BRLC), a leading manufacturer and marketer of LCD HDTVs, digital cameras and consumer electronics products, today announced a series of changes to its senior management and Board of Directors.
The Board of Directors has appointed Greg Rayburn Interim Chief Executive Officer, effective June 4, 2008. Mr. Rayburn will, on an interim basis, replace James Ching Hua Li, 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.
Mr. Rayburn, 49, was formally 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. Mr. Rayburn previously served as Chief Executive Officer 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. Mr. Rayburn received his Bachelor of Science degree in business and marketing and his Master of Accounting degree from the University of Alabama.
The terms of the Engagement Letter the Company entered into on April 8, 2008 with FTI Consulting, Inc. providing for Mr. Rayburn’s services as Interim Chief Operating Officer remain unchanged except for the change in his position. This Engagement Letter also provides for the services of other temporary employees to support Mr. Rayburn in his role and in the accomplishment of specific objectives in support of the previously announced operational turnaround plan. The Company will compensate FTI Consulting, Inc. at its standard hourly rates for Mr. Rayburn’s services, and Mr. Rayburn will report directly to the Board of Directors.
The Company also announced the resignation of Man Kit (Thomas) Chow as a director of the Company, effective May 28, 2008, and the resignation of Christopher C.L. Liu as a director of the Company, effective May 30, 2008. The changes are part of Syntax-Brillian’s efforts to refine its corporate governance structure, which includes adjustments to the size of its Board of Directors. The Board will now consist of two executive directors and six independent directors.
