MARTIN LAU TO BE NON-EXECUTIVE DIRECTOR OF KINGSOFT

AsiaInfo Services
07-29-2011
Martin Lau to Be Non-executive Director of KingSoft

BEIJING, Jul 29, 2011 (SinoCast Daily Business Beat via COMTEX) -- Martin Lau, president of Tencent Holdings Limited (Tencent, HKEX: 0700), was appointed the non-executive director of Kingsoft Corporation Limited (Kingsoft, HKEX: 3888), in place of Zhang Xuanlong, who had already resigned. And Wang Chuan, general manager of another company, was appointed the non-executive director of Kingsoft, in place of Huang Mingming, according to the announcement made by Kingsoft.

The above-mentioned appointment took effect from July 28, 2011. Martin Lau was employed from July 28, 2011 and the term of office will last for three years. According to the service contract, he will not charge the director emoluments. In addition, the term of office of Wang Chuan was the same with that of Martin Lau; however, Wang will charge USD 30,000 per year as the director emoluments.

On July 5, Kingsoft announced that Kau Pak kwan, president and CEO of Kingsoft, would resign all his executive positions in the next six months and started his retirement. Lei Jun, vice broad chairman of Kingsoft, was appointed broad chairman, in place of Kau Pak kwan.

On July 6, Kingsoft announced that it reached on the strategic cooperation with Tencent, and Tencent sold 15.68% stake that it had invested in Kingsoft. Meanwhile, Tencent should invest in another subsidiary of Kingsoft.

Source: www.techweb.com.cn (July 29, 2011)

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