Parthus, the Dublin-based developer of mobile Internet technologies, has appointed a new president and chief financial officer in a management reshuffle.

The company said the appointments were made to strengthen the company's management team and increase its focus on completing mergers and acquisitions.

However, they did little to help Parthus shares, which closed at record lows of 105.5p in London, a drop of more than 11 per cent.

Mr Kevin Fielding, a board member and formerly chief operating officer, was named president, with responsibility for the financial and operating objectives. Mr Eoin Gilley, who joins Parthus from the Nasdaqquoted firm, Artesyn, is chief operating officer with responsibility for worldwide operations. Ms Elaine Coughlan, formerly vice-president of finance at Parthus, was appointed chief financial officer. Mr Peter McManamon was named as executive vice-president for corporate development. Speaking to The Irish Times, Mr Brian Long, chief executive of Parthus, said the firm had assessed up to 35 companies for acquisitions and had cash of $150 million (#146 million) in the bank.

Parthus would focus on acquisitions in video streaming and networking standards, he added.