EFuture Appoints Chief Financial Officer
BEIJING, Jan. 11, 2011 (GLOBE NEWSWIRE) -- eFuture Information Technology Inc. (Nasdaq:EFUT) (the "Company", or "eFuture"), a leading provider of software and services in China's rapidly growing retail and consumer goods industries, today announced the appointment of Mr. Sean Zheng to the position of Chief Financial Officer ("CFO") effective January 11, 2011. Mr. Zheng replaces Mr. Adam Yan, eFuture's Chairman and Chief Executive Officer ("CEO"), who has held the position of Acting CFO since July 16, 2010. Mr. Yan will continue in his role as Chairman and CEO.
Mr. Yan, Chairman and CEO of eFuture, commented, "I am pleased to welcome Mr. Zheng to eFuture's management team and look forward to capitalizing on his strong finance and accounting track record with leading U.S.-listed companies Motorola and Advanced Micro Devices. His impressive technology sector background, combined with financial expertise gained in both China and the U.S., make him ideally suited to lead eFuture's finance function. The management team looks forward to working together with Mr. Zheng to execute on our strategic initiatives of strengthening our software core business, increasing recurring service fee revenues, extending penetration into tier-2 and tier-3 cities, and maintaining our focus on innovation."
Mr Zheng added, "I am delighted to join the eFuture management team in working to achieve the Company's financial objective of delivering profitable growth over the long term. I look forward to maintaining eFuture's financial and management reporting systems and practices while ensuring that the Company's internal controls continue to reflect the high standards of transparency and disclosure required of a U.S. listed company."Mr. Zheng, 41, brings to eFuture over 15 years of experience with U.S.-listed companies operating in the technology sector. Mr. Zheng was most recently with New York Stock Exchange (NYSE) listed Advanced Micro Devices (AMD), where he served in Financial Controller roles in both China and the U.S. Prior to joining AMD, Mr. Zheng was China Financial Controller at U.S.-headquartered Walbro Engine Management. He spent the earlier part of his career at NYSE-listed Motorola, where he worked for over 10 years in Financial Controller and financial management roles at the company's China operations. Mr. Zheng holds an MBA degree from Arizona State University and a Bachelor degree in Economics from Tianjin University of Finance and Economics in China.
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