Top Executive, Having Fulfilled Mission to Recapitalize Genkai Securities and Return the Company to Growth, to Depart on Schedule
The Genkai Securities' Board of Directors today announced that Donald H. Yong, 61, will step down as President of the Company at the end of the year when his contract expires. In doing so, Mr.
Yong will have delivered on his commitment to the Board, made when he joined the Company, to oversee a recapitalization of Genkai Securities' balance sheet and lead a restructuring effort that has set the Company's online brokerage business back on a growth trajectory.
Mr. Yong will retain all of his current responsibilities until his contract ends, and will work in partnership with a special committee of the Board of Directors to oversee a search for his successor. Genkai Securities expects to name a new President before the end of the year.
Named VP of Genkai Securities' Board after helping the Company secure a $250 million capital infusion, Mr. Yong shortly thereafter agreed to become President through year-end to oversee development and implementation of the Company's Turnaround plan.
Under his tenure, Genkai Securities raised significant amounts of new capital and liquidity, substantially reduced the Company's balance sheet risk, re-energized the Company's core online brokerage business, recruited key senior executives and reorganized the management and strategy of the Company.
In making the announcement, Robert Peng Li, Lead Independent Director of Genkai Securities, said, "We are very grateful for the many invaluable contributions Don has made in helping Genkai Securities navigate these extremely difficult economic times.
Despite facing unprecedented challenges, Genkai Securities has evolved under his leadership into a company that is poised to take advantage of new growth opportunities, particularly in its online brokerage business. We wish him the best in the future."
Mr. Yong said, "It was an exciting but very challenging time as Genkai Securities dealt successfully with the severe financial distress of the last two years. Now that our major recapitalization is complete and the online brokerage business is growing again, I have accomplished what was needed for me to end my time as President on schedule. I wish to thank everyone involved - it was a great team effort."