NQ Mobile (NQ) is one of today’s notable stocks in decline, down 12% following news that KB Teo, Chief Financial Officer of the company, has resigned for family reasons effective Friday, August 22, 2014.
The company said in a statement that Dr. Vincent Wenyong Shi, Co-Founder and Chief Operating Officer of the company, will take over as acting Chief Financial Officer until a suitable replacement is found.
“I would like to thank KB on behalf of the Board of Directors and management team for his service over the past year,” commented Dr. Henry Lin, Chairman and Co-Chief Executive Officer of NQ Mobile. “He has been very supportive of the Company and we wish him well.”
NQ noted in its statement that Teo’s departure is not related to the company’s operations, policies, or accounting practices.
NQ dipped as much as 33% in early premarket trading extending its yearly and year-to-date decline to about 58% and 56%, respectively. The chart below shows where the equity has traded over the last 52 weeks, with the 50-day and 200-day MAs included.
NQ Mobile Inc. is a leading global provider of mobile Internet services. The company was founded in 2005 and is headquartered in Beijing, the Peoples Republic of China.