Syntax-Brillian names Rayburn as interim CEO

Syntax-Brillian Corp. on Thursday named a recently hired consultant as interim chief executive to replace CEO James Ching Hua Li, who is taking an indefinite leave from the struggling television manufacturer.

Greg Rayburn, who was named interim chief operating officer in mid-April, took over for Li on Wednesday. Rayburn, 49, is a senior managing director and practice leader of FTI Palladium Partners, the interim management division of FTI Consulting Inc.

Li will continue to be paid according to the original terms of his employment agreement while on his leave of absence "to address personal issues." He remains a director of the company.

Syntax-Brillian said the terms of an April 8 deal with FTI regarding Rayburn's employment remain unchanged with the shift in roles. The consulting firm is being paid an hourly rate for his services.

Syntax-Brillian also said Man Kit (Thomas) Chow and Christopher C.L. Liu resigned as directors at the end of last month. The company said the changes are part of its efforts to refine its corporate governance structure. The board will now have two executive directors and six independent directors.

Syntax-Brillian, which makes Olevia high-definition TVs, Vivitar cameras and other consumer electronics, has had trouble financing its operations in the face of declining TV sales. In April, Li cut his salary to $1 a year to signal his commitment to turning the company around.