BEIJING, Jan. 21, 2014 /PRNewswire/ -- Qihoo 360 Technology Co. Ltd. ("Qihoo 360" or the "Company") (NYSE: QIHU), a leading Internet company in China, today announced changes to its Board of Directors. Mr. Hong Chuan Thor has resigned from the Company's Board of Directors for personal reasons, effective immediately. Mr. Shujun Li also tendered his resignation from the Company's Board for personal reasons, and his resignation will become effective May 1, 2014, after the Company files its annual report on Form 20-F for the year ended December 31, 2013. Dr. Eric Chen, Managing Director of Silver Lake, has been appointed to be an independent director of the Company, effective immediately.
Dr. Eric Chen joined Silver Lake in 2008 and is currently serving as a Managing Director. Prior to Silver Lake, Dr. Chen was a Senior Vice President and Executive Committee member of ASML, a global leader in semiconductor technology. Dr. Chen joined ASML following its acquisition of Brion Technologies in 2007, the company he co-founded in 2002 and served as the CEO since inception. He was formerly a Senior Vice President at J.P. Morgan, where he coordinated the global research effort in the electronics sector and conducted equity research for a number of technology segments. Dr. Chen studied Physics at Peking University and received his Ph.D. in Electrical Engineering from Stanford University.
The Board of Directors of the Company has appointed Dr. Chen to replace Mr. Hong Chuan Thor as the Chairman of the Corporate Governance and Nominating Committee and a member of the Compensation Committee, effective immediately. Dr. Chen will also become a member of the Audit Committee upon the effectiveness of Mr. Li's resignation. The Board of Directors of the Company has appointed Ms. Vivian Wenjiang Chen as the Chairman of the Audit Committee effective on May 1, 2014. Ms. Chen is currently a member of the Audit Committee.
Commenting on the changes, Mr. Hongyi Zhou, Chairman and Chief Executive Officer of Qihoo 360, said, "On behalf of the Board of Directors, I would like to thank Mr. Thor and Mr. Li for their long-time support of our business, and the valuable contributions they have made to improve our internal management and corporate governance."