KBS Fashion Group (KBSF) CEO Xiaowen Zheng Resigns
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KBS Fashion Group Limited (NASDAQ: KBSF) ("KBS" or the "Company"), a vertically-integrated casual menswear company in China, today announced that due to personal reasons, Mr. Xiaowen Zheng has tendered his resignations as Chief Executive Officer ("CEO"), President and director of the Company. As a result of Mr. Zheng's resignation, the Board of Directors of the Company reduced the size of the Board to seven. Mr. Keyan Yan, the Chairman of KBS, was appointed by the Board as the Company's CEO and President, effective immediately. Mr. Zheng's resignation was not a result of any disagreement or dispute with the Company or its management regarding any matters relating to operations, policies or practices of the Company.
Mr. Yan, Chairman and new CEO of KBS, commented, "I would like to sincerely thank Xiaowen for his expertise and dedication to the Company during his tenure and we wish him every success in his future endeavors."
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