Following the resignation of Greg Ye and Dafeng Shi from its board of directors, Daqo New Energy advised that it had selected Mingsong Liang and Shuming Zhao as the new independent directors for the company board. Liang is a co-managing partner of investment banking firm CLA Partners in China. He received his PhD degree in economics from the University of Michigan at Ann Arbor and a JD degree from New York University. Liang additionally serves on the audit committee for Daqo’s board.
Zhao is the dean at the school of business at Nanjing University and is taking the role of chairman of the corporate governance and nominating committee for Daqo’s board as Xiang Xu has stepped down. Both Zhao’s and Liang’s appointments were effective as of October 6 and allow Daqo New Energy to have a majority independent board and fully independent audit, compensation, nominating and corporate governance committees.
Guangfu Xu, Daqo New Energy‘s chairman commented, “We want to thank both Mr. Ye and Mr. Shi for their contribution on our board. We are also delighted to have Mr. Liang and Mr. Zhao, two highly qualified individuals with wealth of experience in finance, law and management, to join our board. We are very confident that their extensive experience will be of great value to our corporate governance.”