Financial News
Written by: Zhang Weilun
2021-04-12 09:01
Last update date: 2021-04-12 09:01
TV Broadcasting (0511, TVB) announced that the vice chairman, chief executive officer and executive director Li Baoan will retire on May 27 this year and will no longer hold relevant positions.
The company pointed out that Li Baoan hopes to retire at the age of 65 and devote more time to his personal affairs.
Li Baoan also resigned on the same day as the Chairman of the Administrative Committee, Risk Committee, Investment Committee and Regulatory Committee, as well as directors of other subsidiaries of TVB.
TVB pointed out that Li Baoan confirmed that there is no disagreement between him and the board of directors, and he is not aware of other retirement matters that require the attention of the company's shareholders.
TVB pointed out that Li Baoan joined the company on February 1, 2007 as the general manager of finance and administration. He was promoted to group general manager in September 2009 and was renamed as chief executive on January 1, 2015.
Li Baoan became an executive director and a member of the executive committee of the board of directors in March 2013, and became the vice chairman of the company in April 2020.
The board of directors of the company would like to express its heartfelt thanks to Li Baoan for his wise advice and leadership to the board of directors and the company over the years.
TVB pointed out that it is recommended to enter into an independent consulting agreement with Li Baoan in a timely manner, and the relevant agreement has a fixed period, starting from the effective date of his retirement, to ensure that Li Baoan's orderly and smooth handover of duties, and to provide relevant strategic suggestions and recommendations to the company when necessary. Professional knowledge.
If necessary under the Listing Rules, a further announcement will be made on the consultation agreement at an appropriate time.
The company stated that Li Baoan’s existing responsibilities will be assumed by the management committee as a temporary arrangement.
The chairman of the board of directors, together with other board members, will lead the search for suitable replacement candidates for the position of group chief executive in a timely manner.
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