HONG KONG, December 19,2008 – The Board of Directors of Alibaba.com (HKSE: 1688; 1688.HK), the world's leading business-to-business e-commerce company, today elected a veteran businessman with e-commerce experience as a new independent, non-executive director. The board also re-designated an existing non-executive director, also an experienced e-commerce executive, as an independent director. As a result, the board announced, more than one-third of Alibaba.com directors will now be independent non-executive directors.
The Board elected Savio Kwan as an independent, non-executive director, as well as member of the company's audit and nomination committees, effective immediately. The Board also voted, upon the recommendation of the nomination committee, to re-designate Andrew Tsuei, an existing non-executive director, as an independent non-executive director, also effective immediately. Tsuei will keep his present investment management committee assignments.
"With today's decisions, the Board has not only enhanced the governance of Alibaba.com with additional independent oversight, but we have also satisfied a commitment made earlier to recruit independent directors with e-commerce experience," said Jack Ma, chairman and non-executive director of Alibaba.com and chairman and CEO of Alibaba Group, holding company for Alibaba.com. "We are fortunate to have directors of the caliber of Savio Kwan and Andrew Tsuei to inform our strategies and to represent shareholder interests."
Kwan is currently a partner and chief executive officer of A&K Consulting Co., Limited, a company co-founded by him in 2005 focusing on helping small and medium enterprises and start-ups in China. He served as president and chief operating officer of Alibaba Group, now the holding company of Alibaba.com, from 2001 to 2003, and chief people officer in 2004, He has more than 30 years of global management experience, including 17 years at the Medical Systems Division of General Electric Company, during which he was responsible for sales, marketing, operations, business development and establishment of joint venture companies in Asia region. He also served as the managing director of the China operations of BTR plc, a United Kingdom- based Fortune 500 company, for four years.
Kwan was a board member of the Asia Pacific advisory board of York International Corporation, a leading global air conditioning system provider and a unit of Johnson Controls, Inc., a company listed on the New York Stock Exchange. He is also a visiting executive professor of Henley Management College in the United Kingdom. Kwan received a Higher National Diploma from Cambridgeshire College of Technology in the United Kingdom and holds Master's degrees in Science from the Loughborough University of Technology and London Graduate School of Business Studies in the United Kingdom.
He will serve until Alibaba's next general meeting of shareholders, and will then stand for election by the shareholders at that time.
Tsuei was appointed as a non-executive director of the Company on October 12, 2007. He was formerly senior vice-president of Wal-Mart Stores, Inc. From 2001 to 2007, he was managing director of Wal-Mart's Global Procurement Division, where he oversaw the global procurement operations of Wal-Mart, which has a presence in over 30 countries. Tsuei is also an independent non-executive director of Tao Bao Holding Limited, a wholly-owned subsidiary of Alibaba Group.
Kwan will assume memberships on the Company's audit committee and nomination committee, replacing Long Yong Tu, who will remain on the Company's Board as an independent non-executive director. In addition, the Board announced that, with effect from today, Simon Xie, a founder of Alibaba Group, will resign as an executive director of Alibaba.com as he takes on other responsibilities within Alibaba Group.
"We thank Mr. Long for his contribution to the audit committee and nomination committee and look forward to continuing to receive his guidance on key business issues, particularly in the areas of international trade and globalization. We'd also like to thank Simon for his tireless dedication to the Company for the past 10 years," Ma said.
Effective immediately, the Board will now consist of 13 members, including five independent non-executive directors, up from three previously.
About Alibaba.com Limited
Alibaba.com Limited (HKSE:1688)(HK.1688) is the world's leading B2B e-commerce company. It connects millions of buyers and suppliers from around the world every day through three marketplaces: an English-language marketplace (alibaba.com) for global importers and exporters, a Chinese-language marketplace (alibaba.com.cn) for domestic trade in China, and, through a joint venture, a Japanese-language marketplace (alibaba.co.jp) facilitating trade to and from Japan. Together, its marketplaces form a community of 36 million registered users from over 240 countries and regions. Headquartered in Hangzhou, Alibaba.com has offices in more than 30 cities across mainland China as well as in Taiwan, Hong Kong, Europe and the United States.
Source: http://news.alibaba.com/
The Board elected Savio Kwan as an independent, non-executive director, as well as member of the company's audit and nomination committees, effective immediately. The Board also voted, upon the recommendation of the nomination committee, to re-designate Andrew Tsuei, an existing non-executive director, as an independent non-executive director, also effective immediately. Tsuei will keep his present investment management committee assignments.
"With today's decisions, the Board has not only enhanced the governance of Alibaba.com with additional independent oversight, but we have also satisfied a commitment made earlier to recruit independent directors with e-commerce experience," said Jack Ma, chairman and non-executive director of Alibaba.com and chairman and CEO of Alibaba Group, holding company for Alibaba.com. "We are fortunate to have directors of the caliber of Savio Kwan and Andrew Tsuei to inform our strategies and to represent shareholder interests."
Kwan is currently a partner and chief executive officer of A&K Consulting Co., Limited, a company co-founded by him in 2005 focusing on helping small and medium enterprises and start-ups in China. He served as president and chief operating officer of Alibaba Group, now the holding company of Alibaba.com, from 2001 to 2003, and chief people officer in 2004, He has more than 30 years of global management experience, including 17 years at the Medical Systems Division of General Electric Company, during which he was responsible for sales, marketing, operations, business development and establishment of joint venture companies in Asia region. He also served as the managing director of the China operations of BTR plc, a United Kingdom- based Fortune 500 company, for four years.
Kwan was a board member of the Asia Pacific advisory board of York International Corporation, a leading global air conditioning system provider and a unit of Johnson Controls, Inc., a company listed on the New York Stock Exchange. He is also a visiting executive professor of Henley Management College in the United Kingdom. Kwan received a Higher National Diploma from Cambridgeshire College of Technology in the United Kingdom and holds Master's degrees in Science from the Loughborough University of Technology and London Graduate School of Business Studies in the United Kingdom.
He will serve until Alibaba's next general meeting of shareholders, and will then stand for election by the shareholders at that time.
Tsuei was appointed as a non-executive director of the Company on October 12, 2007. He was formerly senior vice-president of Wal-Mart Stores, Inc. From 2001 to 2007, he was managing director of Wal-Mart's Global Procurement Division, where he oversaw the global procurement operations of Wal-Mart, which has a presence in over 30 countries. Tsuei is also an independent non-executive director of Tao Bao Holding Limited, a wholly-owned subsidiary of Alibaba Group.
Kwan will assume memberships on the Company's audit committee and nomination committee, replacing Long Yong Tu, who will remain on the Company's Board as an independent non-executive director. In addition, the Board announced that, with effect from today, Simon Xie, a founder of Alibaba Group, will resign as an executive director of Alibaba.com as he takes on other responsibilities within Alibaba Group.
"We thank Mr. Long for his contribution to the audit committee and nomination committee and look forward to continuing to receive his guidance on key business issues, particularly in the areas of international trade and globalization. We'd also like to thank Simon for his tireless dedication to the Company for the past 10 years," Ma said.
Effective immediately, the Board will now consist of 13 members, including five independent non-executive directors, up from three previously.
About Alibaba.com Limited
Alibaba.com Limited (HKSE:1688)(HK.1688) is the world's leading B2B e-commerce company. It connects millions of buyers and suppliers from around the world every day through three marketplaces: an English-language marketplace (alibaba.com) for global importers and exporters, a Chinese-language marketplace (alibaba.com.cn) for domestic trade in China, and, through a joint venture, a Japanese-language marketplace (alibaba.co.jp) facilitating trade to and from Japan. Together, its marketplaces form a community of 36 million registered users from over 240 countries and regions. Headquartered in Hangzhou, Alibaba.com has offices in more than 30 cities across mainland China as well as in Taiwan, Hong Kong, Europe and the United States.
Source: http://news.alibaba.com/
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