Beijing Times, 8/11/08
Focus Media (Nasdaq: FMCN) announced changes to its board of directors yesterday under which Sina (Nasdaq: SINA) CEO Charles Chao will no longer serve as an independent director, becoming instead a non-independent director.
The change was made mainly because transactions between Focus and Sina accounted for more than 5% of Sina's revenue for the year, meaning under Nasdaq rules Chao could no longer serve as an independent director for the company. UTStarcom (Nasdaq: UTSI) founder Wu Ying will serve as the new independent director.
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