Winsway chairman and CEO resigns, other management changes announced

By Caroline Salls

Pittsburgh, Nov. 16 – Winsway Enterprises Holdings Ltd.’s board of directors said Wang Xingchun resigned as an executive director, chairman of the board and chief executive officer, effective Nov. 16, and Cao Xinyi will be immediately appointed as CEO, according to a news release.

Cao is currently the executive director, CEO designate and secretary of Winsway. The company said she is entitled to receive RMB 2.3 million per year as a package for all of her positions.

The company Wang has been absent from the board for a prolonged period and has now formally resigned to take care of his personal affairs.

The board said it will elect an interim chairman at its future meetings until a new chairman is elected.

In addition, the board said Feng Yi has been appointed as an executive director, effective Nov. 16. Feng Yi is currently the vice president of Winsway. He will receive RMB 860,000 per year as a package for all of his positions at the company, and his service contract runs through Dec. 31, 2016.

As of Nov. 16, the Winsway board is comprised of executive directors Cao Xinyi, Zhu Hongchan, Wang Yaxu and Feng Yi, non-executive director Lu Chuan and independent and non-executive directors James Downing, Ng Yuk Keung, Wang Wenfu and George Jay Hambro.

Winsway is a Hong Kong-based importer of coking coal.

© 2015 Prospect News.
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