Light bulb maker TCP loses CEO after company was hit with lawsuits
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Ellis Yan, founder and CEO of TCP International, will leave his position when his current contract expires June 30. Yan here shows off the dimability and measures the energy usage of a new LED floodlight for a crowd at the opening night of the company’s 10-city product “road show” in 2013.

AURORA, Ohio — Ellis Yan, the embattled founder and chief executive of lighting manufacturer TCP International Holdings, has stepped down.

Yan told analysts Thursday morning that he would not renew his employment contract this summer when it expires June 30.

“I will remain chairman of the company’s board, and as one of TCP’s largest shareholders. I will continue to be involved in the company’s strategic direction,” he said.

The company’s share price has plummeted from $ 6.41 on Feb. 26 to as low as $ 1.83 on April 1, following a series of lawsuits against the company that began with a suit filed by the company’s former general counsel Laura Hauser, which the company revealed Feb. 27.

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