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China linen textile establishes the board committees

China linen textile establishes the board committees Source: china linen textile industry ltd
Date: 25-04-2011
Visits: 258
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China Linen Textile Industry Ltd, a China-based company engaged in the production and sale of linen yarn and various types of linen fabric, announced Mr. Xu Jianzhong and Mr. Xu Jixiang have joined China Linen's Board of Directors, effective April 20, 2011 and Mr. Teng Yunhai has resigned as director of the Board of the Company.

"It is our pleasure to have Mr. Xu Jianzhong and Mr. Xu Jixiang join China Linen's Board of Directors. They bring firsthand experience in the textile industry to our board," said Mr. Gao Ren, Chairman and CEO of China Linen. "We look forward to them helping us improve our corporate oversight and governance policies, increasing our transparency to the investment community. The appointment also brings China Linen a step closer to meeting the requirements for being listed on a major US stock exchange."

Along with the appointment of the new directors, the Board established the Audit Committee, the Compensation Committee and the Nominating Committee of the Company. Upon establishment of the three committees, the Board appointed Mr. Stephen Monticelli as chairman of the Audit Committee and member of the Nominating Committee and the Compensation Committee. The Board appointed Mr. Xu Jianzhong as chairman of the Compensation Committee and member of the Nominating Committee and the Audit Committee. The Board also appointed Mr. Xu Jixiang as chairman of the Nominating Committee and member of the Audit Committee and the Compensation Committee.

Mr. Xu Jianzhong, 51, is a professor and PhD supervisor at Harbin Engineering University, School of Economics and Management since March 2005. He also served as vice president of School of Economics and Management from March 2005 to March 2006. He has participated in over 20 national or provincial research projects and his studies and researches focus on development and competitiveness of enterprises. Currently he also serves as an expert on Heilongjiang Province Science and Technology Advisory Committee, executive director and secretary general of Heilongjiang Academy of Management and vice president of Heilongjiang Academy of Business Administration. Mr. Xu Jianzhong received his Bachelor of Science, Master of Economics and PhD in Management from Harbin Engineering University in 1982, 1992 and 2003, respectively.

Mr. Xu Jixiang, 56, has over 30 years' experience in the textile industry. He has served as president of China Linen Textile Industry Association since December 2009. From December 2008 to December 2009, he was the director of the Industry Department of China Textile Industry Association. From January 2006 to December 2008, he was the chairman of China Textile Technology Development Co., Ltd. Mr. Xu Jixiang received his Bachelor of Science in cotton textile from Donghua University (formerly, China Textile University) in 1978.

There is no family relationship between the new directors and any of our other officers and directors.

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