Marbridge Daily

<- May 03, 2012 ->

Renren Appoints New Independent Director

PR Newswire Asia, 5/02/12

Beijing-based social networking site operator Renren (NYSE: RENN) has announced the appointment of Stephen Murphy as an independent director and a member of the company's audit committee and corporate governance and nominating committee.

As a result of the new appointment, Renren's seven-member board of directors is now comprised of a majority of independent directors.

Stephen Murphy previously served for six years as CEO of Virgin Group Holdings, the holding company for Virgin's worldwide interests, succeeding founder Sir Richard Branson in 2005. He continues to act as a special advisor to the Virgin board of directors. During his 17-year-tenure at Virgin Group, he served as chairman and executive director of various subsidiaries as well as other senior positions, including six years as group finance director.

Murphy continues to serve as chairman of the board and member of the audit committee for Virgin Atlantic. He is also a non-executive director of the UK's Business Growth Fund, and a partner at Ashcombe Advisers, a corporate finance advisory business. He received a BA Honors degree from Liverpool John Moores University and is a member of the UK Institute of Certified Management Accountants.

Also effective on May 2, 2012, Katsumasa Niki, who was appointed as a director by SB Pan Pacific Corporation, a major shareholder of Renren, vacated his seat in the audit committee and corporate governance and nominating committee, but continues to serve as a non-executive director at Renren.

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