Hong Kong Exchanges and Clearing, 3/22/12
The board of China Mobile (NYSE: CHL; 0941.HK) has announced that Wang Jianzhou has resigned from his positions as an Executive Director and the Chairman of the company by reason of age with effect from March 22, 2012. The board also announced that Xin Fanfei has resigned from her positions as an Executive Director and a Vice President of the company with effect from March 22, 2012 due to a change of job.
Accordingly, Wang will not be seeking re-election at the forthcoming annual general meeting of the company. Wang has confirmed that there is no disagreement with the board and that there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the company.
As proposed by the Nomination Committee of the company and after review and approval by the board, Xi Guohua, an Executive Director and the Vice Chairman of the company, has been re-designated as an Executive Director and the Chairman of the company with effect from 22 March 2012.
Xi, age 60, joined the board of China Mobile in July 2011. Xi is currently the Secretary of the CPC Committee and the Chairman of China Mobile's state-owned parent company China Mobile Communications Corporation (CMCC). Xi previously held positions at the Posts and Telecommunications Administration of Shanghai as the Deputy Director General of the Telegraph Bureau, Deputy Director of the Telecommunications Division, Deputy Director General and Director General of the Long-Distance Telecommunications Bureau, Deputy Chief Engineer and Deputy Director General respectively. Xi also served as the Deputy Director General of the Directorate General of Telecommunications of the Ministry of Posts and Telecommunications, Chairman and Executive Vice President of Shanghai Bell Company Limited, Vice Minister of the Ministry of Information Industry, President of China Network Communications Group Corporation and Vice Minister of the Ministry of Industry and Information Technology. Xi graduated from the Department of Electrical Engineering of Hefei University of Technology in 1977, and received a Master of Management degree in economics and management from Shanghai Jiaotong University and a Doctor of Management degree from the School of Economics and Management of Tongji University. Xi is a professor-level senior engineer and has extensive experience in telecommunications management, operations and technology. Xi has not held any other directorships in any listed public companies in the last three years.
Xin Fanfei has confirmed that there is no disagreement with the board and that there is no matter relating to her resignation that needs to be brought to the attention of the shareholders of the company.
Editor's Note: For more background on this topic, please see "Rumor: China Mobile Appoints New Chairman" MD 3/22/12 issue, and "China Mobile Chairman: Ready to Retire" MD 3/16/12 issue, and "China Mobile VP Resigns" MD 3/15/12 issue.