Lead Independent Director to Assume Dual Roles Beginning with the First Day of the Next Month
The Board of Directors of Genkai Securities today announced that it has named Lead Independent Director Robert Peng Li Chairman and interim Chief Executive Officer of the Company effective with the first day of the next month. Mr. Peng Li, who has served on Genkai Securities' Board of Directors since February 2008, will assume both positions from former CEO, who is retiring as planned at year end when his contract expires. Mr. Peng Li has chaired the Finance and Risk Oversight Committee and served on the Nominating and Governance Committee while on Genkai Securities Board. Mr. Peng Li is a former Chief Operating Officer of Genkai Securities Investments, where he was also a member of the Office of the Chairman.
The Board of Directors also announced that it has made meaningful progress in the search for a new CEO. Mr. Peng Li is not a candidate to fill the CEO position. To ensure a smooth transition, Mr. Kyle Kang has entered into a consulting agreement to aid Mr. Peng Li and the to-be-named CEO, as needed.
"I am very pleased to be expanding my role at Genkai Securities at a time when the Company is seeing strong momentum in so many fundamental parts of its business, thanks in no small part to Kyle Kang 's tremendous efforts here during the last two years,"
Mr. Peng Li said. "Despite the difficult economic environment, the Company's number of brokerage accounts is at an all-time high, with record year-to-date trading volumes; and the balance sheet is significantly stronger as a result of the Company's recapitalization. We enter the New Year well positioned to take advantage of the growth opportunities ahead, and I am looking forward to helping drive that progress."