The narrowly traded stock Acorn International, Inc. (ADR) (NYSE:ATV) climbed up after announcing the news of resignation of its director. The China-based media and branding company said that Mr. Jing Wang has submitted its resignation as a member of the company’s Board of Directors. The resignation took effect from February 4, 2015.
To Focus On Primary Role At Baidu
Mr. Wang remained as a director of the company since his appointment on April 1, 2011 till the date of the resignation. Mr. Wang contributed immensely to Acorn International, Inc. (ADR) (NYSE:ATV)’s Audit and Compensation Committee. The company threw detail on Mr. Wang’s resignation. It said that he had stepped down in view to concentrate more on his primary position as senior vice present at Baidu Inc (ADR) (NASDAQ:BIDU). The company maintained that the resignation did not come as a result of any disagreement in between the company and Mr. Wang. Baidu is one of the leading internet search providers in China.
It is significant to note that Acorn International, Inc. (ADR) (NYSE:ATV) recently reshuffled its board members in line with resolution passed at its 2014 annual general meeting. At the meeting, the shareholders had disapproved the proposal of re-election of Mr. Andrew Y. Yan and Mr. Gordon Xiaogang Wang in the capacity of directors. SB Asia Investment Fund II L.P., a major shareholder of the company, raised proposal to elect Mr. Charlie Shiqiang Ban, Mr. Liang Lu, Ms. Lynda Chung Ki Lau, and Mr. Steve Xiaodi Sun as directors.
In view of such proposals, the company confirmed that it adopted the proposals raised during the annual general meeting. To this effect, both Mr. Andrew Y. Yan and Mr. Gordon Xiaogang Wang ceased to exist as directors of the company with effect from December 31, 2014. Also, the company added all the four members as directors, which were proposed by SB Asia. During the annual general meeting, the shareholders approved the appointment of Deloitte Touche Tohmatsu Certified Public Accountants LLP as the company’s accounting firm.
The shares of the company inched up by nearly 23% to settle at $1.34.