Chinese Internet Recruitment Business Names New Chairman
Chinese Internet recruitment website Zhaopin.com announced Peter Everingham, managing director of SEEK International, is the company's new chairman of the board and chairman of remuneration committee.
At the same time, former chairman of the board Jason Lenga will resign, but remain as a director of the company.
Prior to this, Zhaopin.com announced in mid-January 2016 that the company received an initial non-binding privatization offer from a consortium formed by CDH V Management Company Limited and Shanghai Goliath Investment Management L.P. The consortium proposed a cash purchase of all issued shares of Zhaopin.com, which were not already held by SEEK International, at the price of USD17.5 per ADS. The price equals to USD8.75 per ordinary share.
By September 30, 2015, SEEK International owned a 75.1% stake in Zhaopin.com and Ridgegate Proprietary Limited owned an 18.3% stake.
Zhaopin.com previously appointed Robert Pu as its new chief financial officer; while the current CFO Guo Jianmin prepares to leave to seek other development opportunity. The company was originally founded by foreigners living in China in the late 1990s, and then went through a rollercoaster period of hirings and firings as it saw its competitors eat into its market share.