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SGOCO CEO steps down

Staff writer | Beijing, China | January 6, 2014
SGOCOJanuary 6, 2014, Beijing, China - SGOCO Group, Ltd., a company focused on product design, distribution and brand development in the Chinese flat-panel display market, announced that Burnette Or will step down as chief executive officer and as a member of the board of directors.
Burnette Or is a Founder, Chairman, CEO and President of SGOCO Group. He is seasoned IT entrepreneur with more than 10 years experience in the display business. He previously worked for well-known companies including HP and Chuntex Electronics Co. (Taiwan).

Burnette Or holds Bachelor’s and Master’s degrees in Electrical Engineering from Oregon State University.

The Board has named David Xu, currently SGOCO's Chief Operating Officer, to serve as a Director, CEO and President, effective January 1, 2014.

Mr. Xu served as the Company's CFO for more than 2 years. In July 2013, Mr. Xu was appointed as COO. Prior to joining SGOCO in May 2011, he served a number of important corporate management roles in the past 20 years including his 10-year tenure with General Electric since 1992, CFO of China Maple Leaf Educational Systems and CFO of the World Bank IFC/CUNA Mutual Insurance joint venture company. He has also acted as an independent consultant advising clients including Manulife Financial, Zurich Financial Services and TD Bank Financial Group.

In addition, the Company also announced that Tin Man Or has been appointed Chairman of the Board, also effective January 1, 2014, replacing Mr. Burnette Or, who will act as an advisor for the Board over the next twelve months.

Prior to his recent appointment as Chairman, Mr. Man Or previously served as a director of the Board since April 1, 2010. Mr. Man Or has more than 35 years of experience in the investment and marketing of the display and trading industries throughout Greater China. Mr. Man Or also owns Sun Zone Investments Limited, which is the major shareholder of SGOCO Group, Ltd.

From 2005 to 2011, he served as General Manager of Honesty Holdings Group Limited before SGOCO's sale of Honesty Group and transformation into a light-asset business model. Before 2005, he served as General Manager in various private companies incorporated in Hong Kong that were engaged in investments and general trading businesses.