Zuo Xunsheng to become CEO of China Netcom.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) announced changes in its senior management today. On May 17, 2006, Dr. Edward Tian Tian or T'ien (Chinese; “Heaven”) In indigenous Chinese religion, the supreme power reigning over humans and lesser gods. The term refers to a deity, to impersonal nature, or to both. ("Dr. Tian "), Vice Chairman, Executive Director and Chief Executive Officer ("CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. ") of the Company, will resign as CEO. Dr. Tian will continue to serve China Netcom as Vice Chairman and 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. . Mr. Zuo Xunsheng ("Mr. Zuo"), who is currently Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the Company, will replace Dr. Tian as CEO and serve as an Executive Director on the Board of Directors. Mr. Zuo has served as Senior Vice President and Chief Operating Officer of China Netcom since July 2004. He has also served as Vice President of China Netcom Group, the holding company of China Netcom. Prior to joining the Company, Mr. Zuo was President of Shandong Telecommunications Company, Director of the Bureau of Telecommunications of Jinan City. China Netcom believes that Mr. Zuo's experience and in-depth knowledge of the industry will be of great benefit to the Company. "Zuo Xunsheng has over 30 years of experience in telecommunications, and is an expert in both the industry and the market. I believe that, under the leadership of Mr. Zuo, China Netcom will successfully migrate to the next level and gradually transform itself into a 'provider of broadband communications and multimedia services' and an internationally competitive telecommunications operating company operating company A business that engages in transactions with outsiders. ." Dr. Tian said. Commenting on Dr. Tian's resignation as CEO, China Netcom Chairman Zhang Chunjiang said: "During his service as CEO of the Company, Dr. Tian helped China Netcom achieve stable growth in a highly competitive market. Under his watch, China Netcom restructured and conducted a successful initial public offering (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ), and laid a solid foundation for the Company's long term-growth. On behalf of the Board of Directors and China Netcom, I wish to express my sincerest gratitude to Dr. Tian for his excellent contribution." "Dr. Tian will continue to serve as the Vice Chairman of the Company and provide his wisdom and support in the field of corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. and strategic development." Mr. Zhang added. About China Netcom: 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, Liaoning Province, Heilongjiang Province, Jilin Province, Neimenggu Autonomous Region and Shanxi Province. In these regions, the Company is a dominant provider of fixed-line telephone services, broadband and other Internet-related services, as well as business and data communications services. Its southern service region in China consists of Shanghai Municipality and Guangdong Province in which it focuses on providing telecommunications services to enterprises and high usage residential customers in selected densely populated areas. In addition, 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 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 liberalised 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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