|Changes in the Management Board|
|September 12th, 2014|
Changes in the Management Board
Cologne, 12 September 2014 — Minghong Wu, COO of Ultrasonic AG, informed the Supervisory Board that he has to go to the hospital for medical treatment due to ongoing health problems. He will therefore be taking six months leave of absence. During this period his operational duties will be assumed by the company's CEO Qinyong Wu and two long-standing senior managers from Sales and Marketing.
At the same time, following the successful negotiation of a credit facility with Nomura, the Supervisory Board hereby announces an upcoming change of CFO. The present CFO, Chi Kwong Clifford Chan, is stepping down from his post for family related reasons on 30 September 2014 to spend more time with his family in Hong Kong. Mr. Chan’s decision was taken in full consultation with the company, which nevertheless regrets his decision.
Ultrasonic has secured Mr. YEUNG Man Kin to succeed Mr. Chan. Mr. Yeung, who most recently was responsible for accounting and budget planning for Amnesty International Hong Kong has many years of experience in finance and accounting. Before working for Amnesty International, he held various positions in the financial services sector, including posts at the auditor and consultancy company Mazars and Modern Education Group Ltd., which is listed on the Hong Kong Stock Exchange. Mr. Yeung will take up his new post at Ultrasonic AG on 1 October 2014, so a smooth transition is ensured.