China Rapid Finance Limited (XRF) Names Former Hewlett Packard Executive as Co-CEO

September 25, 2018 8:03 AM EDT
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China Rapid Finance Limited ("XRF" or the "Company") (NYSE: XRF), a leading consumer finance marketplace and technology platform in China, today announced the expansion of its leadership team with the appointment of Russell Krauss, a former Hewlett-Packard executive, as Co-Chief Executive Officer and Vice Chairman. The appointment is intended to help accelerate its strategic corporate transformation as it launches new initiatives and business lines.

"Executing our strategic plan with Mr. Krauss' leadership is the best way to accelerate XRF's corporate transformation and build long-term shareholder value," said Zane Wang, Ph.D., the Company's founder, Chairman and Co-Chief Executive Officer. We are delighted to expand Mr. Krauss' role at our Company. This important addition to our senior executive team affirms our commitment to build a world-class company. Russ is a highly regarded operational leader within the global technology industry, and brings extensive skills and experience to his role at XRF. We anticipate an outstanding contribution from him."

"During this period of market and regulatory change, we continue to emphasize attracting and retaining the industry's top talent," Dr. Wang continued. "We see a unique opportunity to strengthen our position as a leading technology-driven platform within our industry. Mr. Krauss will help us accelerate this corporate transformation as we launch a series of new initiatives."

Mr. Krauss brings with him more than two decades of proven P&L leadership experience and an impressive track record of implementing innovative initiatives at major technology ventures and Fortune 500 companies, including technology giant Hewlett-Packard. Prior to taking on the current Co-CEO role, Mr. Krauss has served on the XRF Board since 2016 as an independent non-executive director.

Mr. Krauss was Senior Vice President and Managing Director at Hewlett-Packard ("HP", then "Hewlett Packard Enterprise"), where he oversaw business operations for one of HP's largest businesses and drove significant value for both clients and shareholders through major transformation initiatives. He also served as Senior Vice President, overseeing Accounts and Business Operations for DXC Technology, where he led the enterprise-wide client operations, and oversaw top accounts for the $20 billion business. Previously, Mr. Krauss was the Chief Information Officer and Vice President for the New York Power Authority, the largest non-federal utility in the U.S., where he was a leader of one of the nation's "Top 10 Critical Infrastructure" entities and led the $1.4 billion divestiture of the Nuclear Generation business—the largest transaction of its kind in U.S. history. Mr. Krauss also served as a CIO both at Westinghouse Electric Corporation and United Technologies Corporation divisions. He received his MBA from University of New Haven and his Bachelor's degree in Computer Science from the State University of New York (SUNY).

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