SHENZHEN, China, Nov. 5, 2012 /PRNewswire-FirstCall/ ‑‑ Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced that Mr. Xu Hang has resigned from his co-chief executive officer (co-CEO) position effective immediately, but will continue to serve as Mindray's chairman. Mr. Li Xiting, Mindray's president and co-CEO, has been appointed as CEO by the company's board of directors. He will continue to serve as president.
A key founding member of Mindray, Mr. Li has served as the company's director, president and co-CEO since 1991. He will continue to oversee Mindray's business operations and overall management. Mr. Li received his bachelor's degree from the University of Science and Technology of China.
"The board and I believe that separating the roles of chairman and CEO will strengthen the company's corporate governance, a necessary new structure to support Mindray's long-term prosperity," Mr. Xu commented. "I am very pleased that Mr. Li will continue to lead the company. I strongly believe that under his leadership, Mindray will execute its strategies successfully and be able to further accelerate its growth and expansion."
"Since Mindray's inception 21 years ago, Mr. Xu's outstanding vision and dedication have been instrumental to our success and to our transformation from a local Chinese medical device company to a publicly traded, internationally recognized corporation. We want to thank him for his significant contributions to the organization," Mr. Li commented. "I am very pleased that he will remain as our chairman and help our company make strategic decisions in the future. I am also much honored to be appointed as Mindray's president and CEO and look forward to continuing to lead the company to the next level."About Mindray We are a leading developer, manufacturer and marketer of medical devices worldwide. We maintain our global headquarters in Shenzhen, China, U.S. headquarters in Mahwah, New Jersey and multiple sales offices in major international markets. From our main manufacturing and engineering base in China, we supply through our worldwide distribution network a broad range of products across three primary business segments, namely patient monitoring and life support, in-vitro diagnostic, and medical imaging systems. For more information, please visit http://ir.mindray.com. For investor and media inquiries, please contact:
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts