U.S. LED manufacturer TCP International Holding (TCP) ex-CEO Ellis Yan has settled a lawsuit brought up by former lawyer Laura Hauser, for US $3.9 million, according to a Cleveland.com report.
In February 2015, Hauser filed a plaintiff against her boss Yan in Cuyahoga County Common Pleas Court. She accused Yan for physical assault, threatening behavior, bullying, and engaging in unethical and reckless business practices that damaged the value of the company.
TCP ex-CEO Ellis Yan arrives to a settlement with the company's former lawyer Laura Hauser. (LEDInside)
Yan was also accused of pressuring company managers to launch mislabeled products, ignoring company policies, bypassing company protocols and making important decisions without consulting other managers.
The company founder has stepped down as the company CEO in April 2015. His contract will expire on June 30, but a mutual separation agreement will enable Yan to remain as the company chairman and receive salary for three years. Yan’s family owns a controlling stake in the company.
Former chairman of Philips North America K.R. "Kaj" den Daas was appointed as the new CEO of TCP International last month. (TCP/LEDinside)
In July, TCP appointed K.R. "Kaj" den Daas, former chairman of Philips Lighting North America as the company’s new CEO.
Yan recently was replaced as CEO by the former chairman of Philips Lighting North America, K.R. "Kaj" den Daas, under whose leadership Philips became the largest lighting company in North America.
Following the publication of the lawsuit, TCP’s stock price plunged from $ 6.41 on Feb. 26, 2015 to $ 1.83 on April 1, 2015. The company’s share values has rebounded to opening price of $4.71 a share.
