Business
SouthGobi Announces Redesignation of Director and Change of Chief Executive Officer
VANCOUVER, BC / ACCESSWIRE / May 15, 2023 / SouthGobi Resources Ltd. (TSX-V:SGQ)(HK:1878) (" Sou...
About this update from Southgobi Resources Ltd.
[{"type":"text","content":"SouthGobi Announces Redesignation of Director and Change of Chief Executive OfficerVANCOUVER, BC / ACCESSWIRE / May 15, 2023 / SouthGobi Resources Ltd. (TSX-V:SGQ)(HK:1878) (\"SouthGobi\" or the \"Company\") announces the redesignation of director and change of chief executive officer.REDESIGNATION OF DIRECTOR AND REMOVAL OF CHIEF EXECUTIVE OFFICERSouthGobi Resources Ltd. (the \"Company\") announces that Mr. Dong Wang (\"Mr. Wang\") has been removed as the Company's chief executive officer (the \"CEO\") and authorized representative (the \"Authorized Representative\") under Rule 3.05 of the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange (the \"Hong Kong Listing Rules\") with effect from May 15, 2023, due to there being substantial differences in the ideology and style of Mr. Wang in managing the Company's executive affairs from that of the remaining directors (each, a \"Director\") and the senior management of the Company.Mr. Wang will be redesignated from an executive Director to a non-executive Director, and remain a member of the Health, Environment, Safety and Social Responsibility Committee and the Operations Committee of the Board of Directors (the \"Board\"). The Nominating and Corporate Governance Committee of the Board, which comprises the independent non-executive Directors, will continue to evaluate the suitability of Mr. Wang for the Board's directorship and memberships in various Board committees, and commence a search process to identify a suitable candidate to replace Mr. Wang, if appropriate.The biographical details for Mr. Wang are as follows:Mr. Wang, aged 49, was appointed as the executive Director and CEO on September 8, 2022 and the Authorized Representative on December 6, 2022. Mr. Wang was nominated for appointment as Director by JD Zhixing Fund L.P. (\"JDZF\") pursuant to contractual nomination rights contained in the securityholders agreement between the Company, JDZF and a former shareholder of the Company and certain deferral agreements between JDZF, the Company and certain of its subsidiaries relating to the Company's US$250 million convertible debenture held by JDZF (as disclosed in the announcement of the Company dated May 27, 2022 and the Management Proxy Circular of the Company dated June 29, 2022). The Company had appointed him to the Board as permitted under the Compan...