NQ Mobile Inc. NQ, a leading global provider of mobile Internet
services, today announced certain changes to its Board of Directors and
provided a status update on its 2013 annual audit.
Two new independent Directors, Messrs. Max Yao and Justin Chen, have been
appointed to the Board and the Audit Committee, effective July 6, 2014. Mr.
Max Yao will also serve as Chair of the Audit Committee of the Board. Ms. Ying
Han, the current Chair of the Audit Committee has informed the Board that she
would be stepping down from the Board due to personal reasons not related to
her role at the Company effective on July 6, 2014. There are no disagreements
between Ms. Han in her capacity as Chair of the Audit Committee and the
Company.
Mr. Max Yao is the founder of HaiBang Venture, a leading venture capital firm
in Zhejiang province, China that has invested in and nurtured several Chinese
technology companies. He is also one of the founders and the chief executive
officer of Focused Photonics Inc., a publicly traded leading high-end
analytical and measurement instrument company in the industrial and
environmental market in China, with a current market capitalization of over
US$1billion. Mr. Yao holds a bachelor of science degree from Peking
University, a master of science from UC Berkeley and a master's in management
from Stanford Business School.
Mr. Justin Chen is a counsel at PacGate Law Group. He is a California-licensed
attorney and holds a juris doctor degree from the University of Iowa College
of Law as well as a bachelor's degree from Peking University.
In addition, in an effort to enhance shareholder representation, the Company
appointed Mr. Taek Kwon, Managing Partner of Toro Investment Partners, LP
("Toro"), a large public shareholder of the Company, as an adviser to the
Board and is committed to adding a shareholder representative as an
independent director as soon as practicable. Prior to founding Toro, Mr. Kwon
was a managing director of TPG Capital focused on the global technology, media
and travel sectors.
"We would like to thank Ms. Han for her valuable service to the Company over
the years," said Dr. Henry Lin, co-founder and co-CEO of NQ Mobile. "We
welcome Messrs. Max Yao and Justin Chen as new independent Directors and Mr.
Taek Kwon as adviser to the Board. They are well qualified to provide strong
guidance and oversight as we work on improving corporate governance and
transparency for the benefit of all our shareholders. With the completion of
the internal investigation, we are, once again, fully focused on executing our
strategy within the fast-growing mobile landscape and on further improving
shareholder returns."
"We remain confident in our business, our strategy, and our financials,"
commented Omar Khan, co-CEO of NQ Mobile. "We believe that the steps we are
taking strengthen the collective global experience and expertise of our Board
and further enhance our corporate governance."
In addition, following the June 4, 2014 release of the summary findings of the
independent investigation conducted by the independent Special Committee of
the Board, the Company's independent auditors, PricewaterhouseCoopers Zhong
Tian LLP ("PwC"), communicated to the Company that it would need to perform
additional procedures and expand the scope of its 2013 audit work. The
Company's Board and Audit Committee are considering PwC's request. The Company
will provide a further update when available.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in