AUO Announces High Level Appointment
HSINCHU, Taiwan, Dec. 23, 2011 /PRNewswire-Asia-FirstCall/ -- AU Optronics ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today announced that Mr. Paul S.L. Peng is appointed as the new President of AUO and President of Display Business Operation, effective from January 1st, 2012. To meet the diversified display application developments and prospective green energy business opportunities, AUO's Board of Directors believes that with his profound experience in supply chain and clientele management, Mr. Peng will be able to further enhance the Company's operation efficiency, apply group resources to even more productive uses, and provide clients and end consumers with value-added and superior integrated services, turning a new page for AUO.
Mr. Peng holds an MBA Degree from Heriot-Watt University, U.K. and is a seasoned display industry professional in a variety of specialization fields. In 1990, Mr. Peng worked at BenQ and later headed the Material and Production Department at BenQ's plant in Malaysia. In 1998, he became AUO's Vice President of Supply Chain Management, and in 2001, General Manager of AUO's Suzhou module plant, the Company's first overseas manufacturing facility. Having returned to Taiwan in 2005, Mr. Peng assumed AUO's sales and marketing function, where he was appointed General Manager of IT Display Business Group. In 2008, he was promoted to Executive VP of Global Business Unit, leading TV Business Group, IT Display Business Group, and Consumer Product Business Group. During his tenure, Mr. Peng successfully forged alliance with major customers to jointly invest in module plants, deployed globally, and increased overseas shipment outlets. In 2010, he was further promoted to President of Display Business Operation and steered AUO to become an integrated total solutions provider. In 2011, Mr. Peng was elected the 1st Chairman of the Taiwan Display Union Association (TDUA) and facilitated proactive interactions between the display industry chains across the Taiwan Strait.
Meanwhile, AUO's Board of Directors would like to express gratitude to Dr. L.J. Chen for his contributions as AUO's President over the past years. In the future, Dr. Chen will be dedicated to serve as President of Solar Business Operation and devote fully to the operation of the new green energy business, with the aim of positioning the solar business to become AUO's next critical growth engine. Not only a high efficiency solar product value chain will be established on the manufacturing end, but also global operation and localized services will be practiced in downstream distribution and on the system end for expanded shipment outlets. Efficiency in capital utilization will be increased.
It is the hope of AUO's Board of Directors that in meeting the changes of an evolving global market, the new organization will continue to fortify AUO's competitive edge in products and technologies, turning over a new leaf for the Company and generating the maximum benefits for its shareholders.
ABOUT AU OPTRONICS
AU Optronics Corp. (AUO) is a global leader of thin film transistor liquid crystal display panels (TFT-LCD). AUO is able to provide customers with a full range of panel sizes and comprehensive applications, offering TFT-LCD panels in sizes ranging from 1.2 inches to greater than 71 inches. AUO generated NT$467.2 billion in sales revenue in 2010 (US$16 billion) with global operations in Taiwan, Mainland China, Japan, Singapore, South Korea, the U.S., and Europe. Additionally, AUO is the first pure TFT-LCD manufacturer to be successfully listed at the New York Stock Exchange (NYSE). AUO extended its market to the green energy industry in late 2008. The Display and Solar businesses were established respectively as the Company's two core businesses in October, 2010. For more information, please visit AUO.com.
* 2010 year end revenue converted at an exchange rate of NTD29.14:USD1.
Safe Harbour Notice
AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO), a global leader of TFT-LCD panels, today announced the above news. Except for statements in respect of historical matters, the statements contained in this Release are "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward-looking statements were based on our management's expectations, projections and beliefs at the time regarding matters including, among other things, future revenues and costs, financial performance, technology changes, capacity, utilization rates, yields, process and geographical diversification, future expansion plans and business strategy. Such forward looking statements are subject to a number of known and unknown risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements, including risks related to the flat panel display industry, the TFT-LCD market, acceptance of and demand for our products, technological and development risks, competitive factors, and other risks described in the section entitled "Risk Factors" in our Form 20-F filed with the United States Securities and Exchange Commission on May 3rd, 2011.
SOURCE AU Optronics Corp.
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