GSI Executive Director Resigns, China

The seventh term of the board of directors of Guangzhou Shipyard International Company Limited (GSI) received the resignation tendered by Mr. Yu Baoshan, an executive director and chairman of the Board, pursuant to which Mr. Yu resigned as the executive director, chairman of the Board and director member of the strategy committee of the Board due to job relocation on 2 September 2013.

The Board and Mr. Yu confirmed that there was no disagreement between Mr. Yu and the Board and that there was no other matter in relation to Mr. Yu’s resignation that needed to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited.

The resignation of Mr. Yu Baoshan came into effect on the date on which the resignation was received by the Board (i.e. 2 September 2013).

“The Company will proceed to elect the new director and the new chairman in due course in accordance with the relevant laws and regulations and the articles of association of the Company,” the shipbuilding company said in a release.

Before the vacancy of the post of the chairman of the Board is filled, Mr. Han Guangde, an executive director and vice-chairman of the Board will, as the convenor of the Board, exercise the power of the chairman of the Board until the new chairman is elected by the Board.

“The Board hereby expresses its sincere gratitude to Mr. Yu for his service to the Company during his tenure of office,” the release further read.

[mappress]
Press Release, September 3, 2013