China XD Plastics (CXDC) Directors Yong Jin, Eddy Huang Resign
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On December 31, 2011, Mr. Yong Jin, resigned from his position with China XD Plastics Company Limited (Nasdaq: CXDC) as a director of the Board of Directors of the Company, effective December 31, 2011. There were no disagreements between Mr. Jin and the Company on any matter relating to the Company’s operations, policies or practices which resulted in his resignation.
On January 1, 2012, Mr. Eddy Huang resigned from his positions with the Company as a director and a member of the Compensation Committee of the Board, effective January 1, 2012. There were no disagreements between Mr. Huang and the Company on any matter relating to the Company’s operations, policies or practices which resulted in his resignation.
On January 1, 2012, the Board accepted the appointment of Homer Sun to serve as a director of the Company to fill the vacancy created by Mr. Huang’s resignation, made by MSPEA Modified Plastics Holding Limited, the sole stockholder of the Company’s Series D Junior Convertible Preferred Stock. Holders of the Series D Stock are entitled under the Company’s constitutional documents to appoint two (2) directors. MSPEA’s other appointee to the Board, Mr. Jun Xu, remains an active member of the Board. The Board also appointed Mr. Sun as a member of the Compensation Committee of the Board. Sun is a Managing Director of Morgan Stanley and leads Morgan Stanley Private Equity Asia’s China Investments.
On January 1, 2012, Mr. Eddy Huang resigned from his positions with the Company as a director and a member of the Compensation Committee of the Board, effective January 1, 2012. There were no disagreements between Mr. Huang and the Company on any matter relating to the Company’s operations, policies or practices which resulted in his resignation.
On January 1, 2012, the Board accepted the appointment of Homer Sun to serve as a director of the Company to fill the vacancy created by Mr. Huang’s resignation, made by MSPEA Modified Plastics Holding Limited, the sole stockholder of the Company’s Series D Junior Convertible Preferred Stock. Holders of the Series D Stock are entitled under the Company’s constitutional documents to appoint two (2) directors. MSPEA’s other appointee to the Board, Mr. Jun Xu, remains an active member of the Board. The Board also appointed Mr. Sun as a member of the Compensation Committee of the Board. Sun is a Managing Director of Morgan Stanley and leads Morgan Stanley Private Equity Asia’s China Investments.
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