Richina Pacific announces New Appointments
March 10, 2005
Richina Pacific announces New Appointments and Organisation Structure
The Chairman of Richina Pacific Limited (RPL), Mr John L Walker, announced new senior appointments and the adoption of a new organisational structure for Richina Pacific’s global businesses.
The restructuring and senior appointments became necessary following the much enlarged operational and asset base of the Company that has resulted from the acquisition of a 90% interest in the former Chinese State-Owned-Enterprise, Shanghai Leather Co. Ltd., with its 43 subsidiaries and 8 associated companies, and its more than 7,000 employees.
The new appointments and organisational structure will strengthen governance, corporate and operational management, and will provide for a more efficient and cost effective way of managing the businesses within four principal operational sectors. The changes are expected to take up to twelve months to implement.
The four operational divisions and the new appointments are as follows:
Operational Divisions – Each of the currently separate operating entities will be grouped under one of the following operating businesses, namely:
Richina Financial Richina Land Richina Industries Richina Services
An enlarged and more centralized RPL corporate, administrative and services organization will be established to support these operational divisions with offices in Singapore, Shanghai and Auckland. It is expected that following consolidation of certain administrative and support services within each of the new operating business sectors, and through increased centralised corporate management, there will be overhead savings and improved governance. Further details regarding RPL and its operational structure are available on the Company’s revamped website – www.richinapacific.com.
Appointments – To best develop both the existing and newly acquired operations, it has been necessary to complement the existing small corporate management team with the appointment of appropriately skilled and experienced executives.
Appointments to date are as follows:
Mr Roger Wang Executive Director of Richina Pacific Limited
Shanghai-based Roger Wang, who has been a Director of RPL since 1999, has been appointed Executive Director, with primary responsibility for leading the establishment of the Richina Services businesses. In addition, Mr Wang will lead the transition team for SLC in Shanghai.
Mr Robert Stearns Executive Vice President & Chief Financial Officer (CFO) of Richina Pacific Limited
United States-based, Robert Stearns has been appointed, effective from March 1, 2005, Executive Vice President and CFO for Richina Pacific.
Prior to joining Richina, Mr Stearns held senior positions with a number of very large and well-known US-based banks and corporations. In his new capacity at RPL, Mr Stearns will have primary responsibility for Accounting, Finance, Treasury and Tax, as well as Human Resources, Legal and Technology throughout the RPL Group, and he will work closely with the CEO to build Richina Financial. It is expected that these corporate departments will play a much more active role in managing and monitoring each of our business operations going forward.
To that end, all finance functions of the operational sectors will also have reporting lines to Mr Stearns as well as to their respective CEOs.
Mr Huo Jian Guo Senior Vice President of Richina Pacific (China) Investment Limited
Richina Pacific has appointed Mr Huo Jian Guo as a Senior Vice President of Richina Pacific (China) Investment Limited, effective January 1, 2005. Prior to joining Richina, Mr Huo was the Chairman and General Manager of SLC, a position he held since 1995, the year RPL negotiated the Shanghai Richina Leather joint venture agreement with SLC. Prior to being appointed Chairman and General Manager of SLC, Mr. Huo has held a wide range of senior positions with SLC and its affiliates since 1973.
Mr Huo will continue to lead SLC as a Director and its General Manager and he will also be actively involved in RPL’s future investments in the Shanghai area, particularly in connection with additional State-Owned-Enterprise (SOE) reform efforts, leveraging his intimate knowledge and extensive relationships within the Shanghai government and SOE establishment.
Mr Mark Lecher Senior Vice President of Richina Pacific (China) Investment Limited
Mr Lecher has been appointed Senior Vice President of Richina Pacific (China) Investments Ltd, and will be primarily responsible for the development of businesses under Richina Industries.
Prior to joining Richina Pacific, Mr Lecher held the position of President and Chief Operating Officer of GST AutoLeather Inc. Prior to that, he was the CFO for both GST AutoLeather and Strategic Industry LLC, the parent company of GST AutoLeather Inc.
GST AutoLeather is a leading American automobile leather supplier, which has recently entered into a strategic partnership with our subsidiary Shanghai Richina Leather for the manufacture of auto leather.
Mr Lecher will relocate with his family to Shanghai in 2005, and he will be primarily responsible for developing the SLC industrial businesses.
Mr Frank Shen Senior Vice President of Richina Pacific (China) Investment Limited
Mr Shen, who is Shanghai-based, joined Shanghai Richina Leather in 1997 as its Chief Financial Officer. In 2003, he transferred to Richina Pacific (China) Investment Limited, RPL’s Chinese Holding Company, as its CFO, and he played an integral role in the acquisition of SLC. Mr Shen is being promoted to Senior Vice President in recognition of his significant contribution to the successful completion of the acquisition of SLC. In this new capacity, Mr. Shen will take on the lead role for project development and focus on new acquisitions and projects for Richina Pacific in China.
Richina Pacific expects to continue to add to its functional and operational capabilities with additional appointments of people with relevant experience to help build its new organizations.
Mr John Walker, Chairman, said, “We look forward to working with the expanded team members to take full advantage of their skills, expertise and experience to broaden and complement our existing management.”