Semiconductor company Silicon Motion Corp. (Nasdaq: SIMO) announced that it hired a new Chief Financial Officer on Tuesday.
Former head of Technology for ING Corporate Finance, Riyadh Lai will join the Taipei-based technology firm, reporting directly to Wallace Kou, Silicon Motion's Chief Executive Officer.
Riyadh has significant experience leading the origination and execution of a number of successful corporate finance transactions across Asia, said Kou. He has a very strong understanding of the technology industry and his proven ability to provide strategic advice will be extremely beneficial as we continue to expand.
Riyadh holds a BA degree in Economics from Georgetown University and an MBA from New York University.
Shares of the multimedia chip company rallied on the news, rising 89 cents, or 3.9 percent to $23.47 on the Nasdaq Stock Market.