China’s Ku6.com CFO Resignation Comes In Wake Of Board Turbulence
Shen Xiaotong, chief financial officer of Ku6.com, has resigned due to personal reasons, and Feng Jie, the company’s vice president for finance, will temporarily command the CFO position.
According to a document submitted by the Chinese video website Ku6.com to the U.S. Securities and Exchange Commission, Ku6.com said that the changes and appointments have already been approved by the board of directors. Though Shen resigned due to personal reasons, it still affected the share price of the company, causing a drive of 16.03% to USD1.31 after the anouncement.
In recent times, Ku6.com’s board of directors has had frequent changes. Prior to this, Chen Tianqiao, chief executive officer of Shanda Interactive Entertainment Limited, resigned his position as chairman of enterprise development and financial committee of the board of directors of Ku6.com; however, Chen is still a member of the board. Qu Haibin, a former member of the board of directors of Ku6.com, also resigned for personal reasons.
In addition, Zhu Haifa, director of Ku6.com, will join the enterprise development and financial committee, while Wu Zheng quit the committee, but is still be chairman and independent director of Ku6.com.
The latest financial report published by Ku6.com showed that the company made losses of USD49.39 million in 2011. During the fourth quarter of 2011, its gross profit was USD190,000 and it made net losses of USD3.94 million.