China Netcom Announces Changes to Its Board of Directors and Senior Management.HONG KONG Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. -- China Netcom China Netcom, full name China Netcom Group Corporation (Hong Kong) Limited, abbreviated CNC, was originally formed in August 1999 by the People's Republic of China government to enable inward investments to build high speed Internet communications in the country. Group Corporation (Hong Kong) Limited ("China Netcom" or the "Company") (HKSE HKSE Hong Kong Stock Exchange : 0906; NYSE NYSE See: New York Stock Exchange : CN), a leading telecommunications operator in China and the Asia Pacific region, announces changes to its Board of Directors and Senior Management. Mr. Jose Maria Alvarez-Pallete, Chairman and the Chief Executive Officer of Telefonica Internacional, S. A.- the wireline division of Telefonica in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. - has been appointed non-executive director A non-executive director (NED, also NXD) or outside director is a member of the board of directors of a company who does not form part of the executive management team. He or she is not an employee of the company or affiliated with it in any other way. and member of the Strategic Planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. Committee of the Company. Additionally, Mr. Mauricio Sartorius, Chief Representative Officer in Asia for Telefonica Internacional, has been appointed as alternate director An alternate director is a person who is appointed to attend a board meeting on behalf of the director of a company where the principle director would be otherwise unable to attend. . Mr. Keith Rupert Murdoch has resigned from his posts as a non-executive director and Chairman of the Compensation Committee with effect from 12 September 2005 for personal reasons. He has been appointed by the Board to serve as adviser with effect from the same date. The Board also announces that Dr. Fan Xingcha has resigned as Chief Financial Officer of the Company effective 12 September 2005. With effect from the same day, Dr. Fan has been appointed as adviser to the Board of China Netcom. The Board further announces that, effective 12 September 2005, Mr. Li Fusheng, Controller of China Netcom, will become its Chief Financial Officer. "We are extremely pleased to welcome Mr. Alvarez-Pallete to the Board of China Netcom and look forward to deepening our relationship with Telefonica. His extensive management experience in the telecommunications industry and his valuable expertise will greatly benefit the Company," said Mr. Zhang Chunjiang, Chairman of China Netcom. "The appointment of Mr. Alvarez-Pallete will help both companies further explore areas of strategic co-operation. We are extremely appreciative that Mr. Murdoch and Dr. Fan have agreed to serve as advisers, a sign of their continued dedication to the future of the Company. We would like take this opportunity to sincerely acknowledge the contributions they have made and wish them our best in their future endeavours." Mr. Jose Maria Alvarez-Pallete Mr. Jose Maria Alvarez-Pallete, age 41, is the Chairman and the Chief Executive Officer of Telefonica Internacional, S. A., the wireline division of Telefonica in Latin America. He is now responsible for this unit that accounts for 18 million fixed lines, 23,000 employees, revenues of over EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 6 billion and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become of over EUR 3 billion. This unit represents approximately 25% of the total revenues of the Telefonica Group. He is also one of the five members of the Telefonica Management Committee. As of the date of this announcement, Telefonica has a 5% interest in the issued share capital of China Netcom. Mr. Alvarez-Pallete was the winner of the CFO See Chief Financial Officer. Europe Best Practice Award in 2001 in the category of Mergers and Acquisitions by CFO Europe Magazine (The Economist Group). He holds a degree in Economics from the Universidad Complutense of Madrid and also studied Economics at the Universite Libre in Belgium. Mr. Alvarez-Pallete has been appointed to a three-year term and will be subject to retirement by rotation and re-election at annual general meetings of the Company every three years. Mr. Mauricio Sartorius Mr. Mauricio Sartorius, age 46, resides in Beijing and has been the Chief Representative Officer in Asia for Telefonica Internacional since January 2005. Mr. Sartorius joined Telefonica in January 1997 as a Deputy Managing Director in the Corporate Finance Department. In 1998, Mr. Sartorius became responsible for human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. for Telefonica Internacional. He has a degree in Economics from the Universidad Complutense of Madrid and an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration from New York University New York University, mainly in New York City; coeducational; chartered 1831, opened 1832 as the Univ. of the City of New York, renamed 1896. It comprises 13 schools and colleges, maintaining 4 main centers (including the Medical Center) in the city, as well as the . Mr. Li Fusheng Mr. Li has served as Controller of China Netcom since July 2004 and served as General Manager of the Finance Department of China Netcom Group from October 2003 until July 2004. From November 2001 to October 2003, Mr. Li served as the Deputy General Manager of Jilin Communications Company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. and Deputy General Manager of the former Jilin Provincial Telecommunications Company. About China Netcom: China Netcom Group Corporation (Hong Kong) Limited ("China Netcom") is a leading fixed-line telecommunications operator in China and a leading international data communications operator in the Asia-Pacific region. Its northern service region in China consists of Beijing Municipality, Tianjin Municipality, Hebei Province, Henan Province, Shandong Province and Liaoning Province. Its southern service region in China consists of Shanghai Municipality and Guangdong Province. China Netcom is the dominant provider of fixed-line telephone services, broadband and other Internet-related services, and business and data communications services in its northern service region in China. China Netcom primarily targets business and residential customers in selected high-density areas in its southern service region in China. China Netcom is also the only telecommunications company in China that operates an extensive network and offers international data services in the Asia-Pacific region. Disclaimer This press release includes "forward-looking statements". All statements, other than statements of historical facts, that address activities, events or developments that China Netcom Group Corporation (Hong Kong) Limited ("China Netcom") expects or anticipates will or may occur in the future (including but not limited to projections, targets, estimates and business plans) are forward-looking statements. China Netcom's actual results or developments may differ materially from those indicated by these forward-looking statements as a result of various factors and uncertainties, including but not limited to the level of demand for telecommunications services; competitive forces in more liberalized markets; the effects of tariff reduction initiatives; changes in the regulatory policies and other risks and factors beyond China Netcom's control. In addition, China Netcom makes the forward-looking statements referred to herein as of today and undertakes no obligation to update these statements. |
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