51job Receives Nasdaq Non-Compliance Letter Due to Director Vacancy
51job, Inc. (NASDAQ: JOBS), a leading provider of integrated human resource services in China, announced the results of its annual general meeting ("AGM") of shareholders held in Shanghai on December 6, 2012.
At the meeting, shareholders resolved to elect each of the following four individuals to the Company's Board of Directors until the close of its next annual general meeting of shareholders: David K. Chao, James Jianzhang Liang, Kazumasa Watanabe and Rick Yan. Mr. Donald L. Lucas did not seek re-election at the AGM, and therefore one vacancy currently exists in the Company's Board of Directors.
Following the results of the AGM, the Company informed Nasdaq of its material non-compliance with Nasdaq's corporate governance rules, and the Company received a letter dated December 6, 2012 from Nasdaq stating that the Company no longer complies with Nasdaq's independent director and audit committee requirements as set forth in Listing Rules 5605(b)(1) and 5605(c)(2)(A), respectively.
The letter also stated that, consistent with Listing Rules 5605(b)(1)(A) and 5605(c)(4)(B), Nasdaq will provide the Company a cure period in order to regain compliance. The Company intends to regain full compliance by adding a new independent director before the earlier of