FGI Industries names new CFO as Perry Lin resigns

Published 28/01/2025, 22:20
FGI Industries names new CFO as Perry Lin resigns

FGI Industries Ltd. (NASDAQ:FGI), a manufacturer of heating and plumbing fixtures with a market capitalization of $8 million and annual revenue of $127 million, announced the upcoming departure of its Chief Financial Officer Perry Lin and the appointment of his successor. According to InvestingPro analysis, the company currently trades below its Fair Value. Lin, who will resign effective June 30, 2025, cited personal reasons for his departure and confirmed that his resignation was not due to any disagreements with the company’s operations, policies, or practices.

The company’s Board of Directors has appointed Jae Chung as the new CFO, starting July 1, 2025. Chung, 57, has been with FGI since April 2024 as Vice President of Investor Relations and Corporate Development. InvestingPro data reveals the company faces significant challenges, including rapid cash burn and substantial debt levels, making this leadership transition particularly crucial. He also served on the company’s board from January 2022 to March 2024. Chung’s prior experience includes a role as Vice President at Oakmont Corporation, where he managed a public securities portfolio.

Chung’s compensation as CFO will include a $180,000 salary, along with participation in FGI’s Management Incentive Plan and Equity Incentive Plan, in line with other executives. The company plans to amend Chung’s existing employment arrangement to reflect his new position.

This transition in FGI’s executive team comes as the company continues to navigate the competitive heating and plumbing industry market, with a current debt-to-equity ratio of 1.12 and negative earnings per share of -$0.03. The information regarding these changes was sourced from a recent SEC filing by FGI Industries. For detailed analysis and additional insights, including 10 more exclusive ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.