Renren (RENN) Appoints Stephen Murphy as Independent Director; Katsumasa Niki Vacates Seat

May 2, 2012 7:16 AM EDT Send to a Friend
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Renren Inc. (NYSE: RENN) announced the appointment of Stephen Murphy as an independent director and a member of the Audit Committee and Corporate Governance and Nominating Committee.

As a result of this new appointment, Renren's seven-member Board of Directors is comprised of a majority of independent directors. In addition, the Audit Committee, the Compensation Committee and the Corporate Governance and Nominating Committee of Renren's board are each entirely comprised of independent directors.

Stephen Murphy previously served as the Chief Executive Officer of Virgin Group Holdings Ltd.

Also effective on May 2, 2012, Mr. Katsumasa Niki, who was appointed as a director by SB Pan Pacific Corporation, a major shareholder of the Company, vacated his seat in the Audit Committee and Corporate Governance and Nominating Committee and continues to serve as a non-executive director.

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