Contact Information: Investor Relations Contact: Tham Kah Locke Vice President of Corporate Finance Tel: (65) 6824 7788 Fax: (65) 6720 7826 email: Media Contact: Lisa Lavin Senior Marcom Manager Tel: (208) 939 3104 Fax: (208) 939 4817 email:
STATS ChipPAC Appoints New Chief Financial Officer
| Source: STATS ChipPAC
UNITED STATES--(Marketwire - October 15, 2007) - SINGAPORE - 10/16/2007 -- STATS ChipPAC Ltd.
("STATS ChipPAC" or the "Company") (NASDAQ : STTS ) (SGX-ST: STATSChP), a
leading independent semiconductor test and advanced packaging service
provider, today announced the appointment of John Lau as Senior Vice
President and Chief Financial Officer for the Company.
Reporting directly to STATS ChipPAC's President and Chief Executive
Officer, Lau will have overall responsibility for all accounting, financial
management and investor relations matters of the Company. In his capacity
as Senior Vice President and Chief Financial Officer, Lau will ensure that
STATS ChipPAC has prudent and progressive financial management to drive
profitable growth and support strategic expansion opportunities.
"With more than 23 years of both financial and operational management
experience, John is a seasoned leader who has a broad based financial
background that will be an invaluable addition to our management team as we
build on our success and take our company to the next level," said Tan Lay
Koon, President and Chief Executive Officer, STATS ChipPAC. "We are
delighted to have John join our executive management team."
Lau joins STATS ChipPAC from Abacus International Pte Ltd. where he was the
Chief Financial Officer with overall responsibility for spearheading
strategic and financial planning, management and statutory reporting,
controllership, tax planning, treasury and risk management, legal, mergers
and acquisitions, strategic investments and strategic operations of Abacus
and its subsidiaries. Prior to that, he was Vice President, Finance for
Praxair Asia Inc. and held various senior management positions with
Sembawang Corporation Ltd.
Lau graduated with a Bachelor of Accountancy from National University of
Singapore. He also holds a Master of Business Administration from Golden
Gate University in San Francisco, California.
Lau assumes the leadership role from Tham Kah Locke who has been serving as
acting Chief Financial Officer until a permanent appointment was made.
"Kah Locke is a valued member of the management team and will continue to
serve as our Vice President of Corporate Finance. I would like to
personally thank him for his strong leadership and ongoing contributions to
our company," said Tan.
About STATS ChipPAC Ltd.
STATS ChipPAC Ltd. ("STATS ChipPAC" or the "Company") (NASDAQ : STTS )
(SGX-ST: STATSChP) is a leading service provider of semiconductor packaging
design, assembly, test and distribution solutions. A trusted partner and
supplier to leading semiconductor companies worldwide, STATS ChipPAC
provides fully integrated, multi-site, end-to-end packaging and testing
solutions that bring products to the market faster. Our customers are some
of the largest wafer foundries, integrated device manufacturers (IDMs) and
fabless companies in the United States, Europe and Asia. STATS ChipPAC is a
leader in mixed signal testing and advanced packaging technology for
semiconductors used in diverse end market applications including
communications, digital consumer and computing. With advanced process
technology capabilities and a global manufacturing presence spanning
Singapore, South Korea, China, Malaysia, Thailand and Taiwan, STATS ChipPAC
has a reputation for providing dependable, high quality test and packaging
solutions. The Company's customer support offices are centered in the
United States (California's Silicon Valley, Arizona, Texas, Massachusetts,
Colorado and North Carolina). Our offices outside the United States are
located in South Korea, Singapore, China, Malaysia, Thailand, Taiwan,
Japan, the Netherlands and United Kingdom. STATS ChipPAC's facilities
include those of its subsidiary, STATS ChipPAC Taiwan Semiconductor
Corporation (formerly known as Winstek Semiconductor Corporation), in
Hsinchu District, Taiwan. These facilities offer new product introduction
support, pre-production wafer sort, final test, packaging and other high
volume preparatory services. Together with our research and development
centers in South Korea, Singapore, Malaysia, China, Taiwan and the United
States as well as test facilities in the United States, this forms a global
network providing dedicated test engineering development and product
engineering support for customers from design to volume production. STATS
ChipPAC is listed on both the Nasdaq Stock Market (NASDAQ) and the
Singapore Exchange Securities Trading Limited (SGX-ST). In addition, STATS
ChipPAC is also included in the Morgan Stanley Capital International
(MSCI) Index. Further information is available at www.statschippac.com.
Information contained in this website does not constitute a part of this
release.
Certain statements in this release, including statements regarding expected
future financial results and industry growth, are forward-looking
statements that involve a number of risks and uncertainties that could
cause actual events or results to differ materially from those described in
this release. Factors that could cause actual results to differ from our
expectations include, but are not limited to, general business and economic
conditions and the state of the semiconductor industry; level of
competition; demand for end-use applications products such as
communications equipment and personal computers; decisions by customers to
discontinue outsourcing of test and packaging services; reliance on a small
group of principal customers; continued success in technological
innovations; availability of financing; pricing pressures including
declines in average selling prices; ability to meet specific conditions
imposed for the continued trading or listing of the Company's securities on
the SGX-ST and the NASDAQ; our substantial level of indebtedness; potential
impairment charges; adverse tax and other financial consequences if the
South Korean taxing authorities do not agree with our interpretation of the
applicable tax laws; ability to develop and protect our intellectual
property; rescheduling or canceling of customer orders; changes in products
mix; intellectual property rights disputes and litigation; capacity
utilization; delays in acquiring or installing new equipment; limitations
imposed by our financing arrangements which may limit our ability to
maintain and grow our business; changes in customer order patterns;
shortages in supply of key components; disruption of our operations; loss
of key management or other personnel; defects or malfunctions in our
testing equipment or packages; changes in environmental laws and
regulations; exchange rate fluctuations; regulatory approvals for further
investments in our subsidiaries; significant ownership by Temasek Holdings
that may result in conflicting interests with Temasek Holdings and our
affiliates; unsuccessful acquisitions and investments in other companies
and businesses; our ability to continue to successfully integrate the
operations of the former separate STATS and ChipPAC companies and their
employees; labor union problems in South Korea; uncertainties of conducting
business in China; natural calamities and disasters, including outbreaks of
epidemics and communicable diseases; and other risks described from time to
time in the Company's SEC filings, including its annual report on Form 20-F
dated March 12, 2007. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.