China Automotive Systems (CAAS) Appoints New Board Member, Audit Committee Chair

May 15, 2012 6:58 AM EDT
China Automotive Systems, Inc. (Nasdaq: CAAS), announced that Mr. Arthur Wong was appointed to the board of directors of the Company (the "Board") on May 15, 2012, where he will serve as chairman of the audit committee of the Board and as a member of the nominating and compensation committees of the Board.

Mr. Wong is currently the chief financial officer of GreenTree Inns Hotel Management Group, Shanghai, China, which is one of the largest economy hotel chains in China. He also currently serves as a member of the boards of directors for VisionChina Media Inc. (NASDAQ: VISN) and Besunyen Holdings Company Limited (HKG:926), and as chairman of the audit committees for both companies' boards of directors. Mr. Wong was formerly the chief financial officer of Nobao Renewable Energy, Shanghai, China, and Asia New-Energy, Henan, China. Prior to that, he worked at Deloitte Touche Tohmatsu ("Deloitte"), from 1982 to 2008, in that firm's San Jose, Hong Kong and Beijing offices. Mr. Wong rose to become a partner in Deloitte's Beijing office, and oversaw that office's expansion from less than 100 people to over 1,000. While serving at Deloitte, Mr. Wong acted as the audit partner for various companies, including international auto and auto parts manufacturers. He also led accounting teams on IPO and financing projects, set up and improved accounting internal control systems and corporate governance for public companies, provided internal audit and internal control advice, and worked on mergers and acquisition and restructuring accounting. Mr. Wong has significant experience working with U.S.- and Hong Kong-listed companies and in the regulatory regimes of those jurisdictions.

In addition, the Board received and accepted the resignation of Mr. Bruce C. Richardson on May 15, 2012. Mr. Richardson was the chairman of the Board's audit committee and a member of the nominating and compensation committees of the Board. Mr. Richardson's resignation was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices and is effective immediately.

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