Omar Khan, the co-chief executive officer and director of NQ Mobile, decided to resign from his position effective May 1, 2015. Mr. Khan will take an advisory role in the company.
Mr. Khan also relinquished his position as chief executive officer of NQ Mobile US and other roles within the company. He will remain as an advisor to serve in the smooth transition of the company until December 31.
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Commenting on his resignation, Dr. Vincent Shi, chairman of the board of NQ Mobile said, “Omar joined us at a very important time in our business evolution and development. He helped guide our company’s important transition from being a mobile security provider to being a true global mobile Internet services provider. We would like to thank Omar for his stewardship and great service during his tenure, and we are grateful he has helped us prepare for an even brighter future.”
NQ Mobile eliminates co-CEO structure
NQ Mobile decided to simplify its management process and eliminated the co-CEO structure as part of the transition. The board of directors of the company appointed Xemin Xu as CEO. He is the current co-CEO of the company.
Mr. Khan said, “I am proud of the progress we have made over the past 3 years. I believe the timing is right for me to leave as Co-CEO and for Zemin to lead this company into its next chapter.”
According to him, NQ Mobile’s business model is now diversified with a deeper bench of strong leaders. He added that the company is more processed driven and better managed, and far better positioned for a great future.
Khan defends NQ Mobile against Muddy Waters attack
At the time, Mr. Khan said NQ Mobile filed a lawsuit against Muddy Waters in China during an interview with Fox Business News. He also emphasized that the NQ Mobile’s revenue increased 100% year-over-year, and the company initiated strong revenue guidance (60% growth).
According to him, the company was focused on its platform strategy and a significant number of shareholders invested in its stock. NQ Mobile also partnered with China Mobile, China Telecom, and China Unicom.
NQ Mobile latest financial performance
During the fourth quarter of 2014, NQ Mobile reported $89.7 million in revenue, a 32% increase year-over-year. Its non-GAAP net income was $3.2 million or $0.03 per share. Its full-year revenue increased 69% to $332.3 million driven by a 99% growth in advertising revenue.
At the time, NQ Mobile said, “There were really three factors within our operating expenses that impacted our operating profitability in 2014. The extraordinary items associated with the independent investigation, the forensic accounting, the legal fees, and the additional auditor fees, all associated with addressing the short-seller allegations totaled $9.5m for the entire year.”