Yingli Green Energy Holding Company Limited (NYSE: YGE) announced the changes to its board of directors and committees.
Mr. Chi Ping Martin Lau, an independent director and a member of the audit and compensation committees of the Company, has resigned from the Company's board of directors and the audit and compensation committees in order to focus his time on his duties as President of Tencent Holdings Limited ("Tencent"), one of the largest providers of Internet, mobile and telecommunication value-added services in China. His resignation from the Company was effective September 19, 2011.
Mr. Richard Xue has been appointed to replace Mr. Lau as an independent director and a member of the audit and compensation committees of the board of directors effective the same day. The newly appointed director satisfies the "independence" requirements of the NYSE rules.
Mr. Xue has been Chief Financial Officer of ATMU Inc., which is the largest automated teller machines ("ATM") sourcing company in China. Prior to joining ATMU Inc. in 2010, he served as an advisor of Asia Alternatives Management LLC. since 2009. Prior to his affiliation with Asia Alternatives Management LLC., Mr. Xue was a venture partner of Softbank China & India Holdings, a wholly owned subsidiary of Softbank Corp and manager of Bodhi Investments LLC, which focuses on early stage companies in China and India from 2006 to 2009. He also worked at ChinaCast Education Corporation from 2006 to 2009, Target Media from 2005 to 2006 and eLong Inc. from 2003 to 2005 as professional chief financial officer or director, respectively. Prior to joining eLong Inc. in 2003, Mr. Xue worked for eight years in investment banking in the United States and China. Mr. Xue studied at Tsinghua University in China and received his bachelor's degree in physics from University of Illinois and his MBA degree from University of Chicago in the United States.
"We are pleased to welcome Mr. Xue onboard. We believe his extensive experience in the financial area will further strengthen our board and corporate governance," Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy, commented. "Mr. Lau has provided our Company with valuable insight through his position on our Board of Directors. We are grateful for his contributions to our success over the years and wish him continued success at Tencent."
