Market Overview

UPDATE: CDC's CEO to Be Placed on Administrative Leave, Effective Immediately

Share:

In light of the July 13, 2011 order of the Supreme Court of the State of New York, as previously described in that certain Current Report on Form 6-K of CDC Corporation (NASDAQ: CHINA) dated July 15, 2011, the Company's Chief Executive Officer, Mr. Peter Yip, has agreed to be placed on administrative leave, effective immediately, pending the outcome of an investigation being conducted by a special committee comprised in majority of independent members of the board of directors of the Company and its subsidiary, CDC Software Corporation, formed to investigate the matters related to the July 13th Order. Mr. Yip remains as Vice Chairman of the Board.

The Special Committee will assist in evaluating candidates, from both internal and external sources, to fill the office of Interim Chief Executive Officer, during the pendency of the investigation. In the interim, the Board is confident that the Company's ongoing operations will be effectively managed by members of its senior management, as well as the Chief Executive Officers of the Company's subsidiaries.

 

Related Articles (CHINA)

View Comments and Join the Discussion!

Posted-In: News Management

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com