SHENZHEN, China, June 21, 2011 /PRNewswire-Asia/ -- FUQI International, Inc. (OTC Pink Ltd: FUQI.PK) today announced the appointment of Kim K. T. Pan as its President and Chief Executive Officer. Mr. Pan will work closely with Yu Kwai Chong, the Company's former Chief Executive Officer, who will continue to serve as the Company's Chairman of the Board. "We are pleased that Kim will be joining the Company as President and CEO," stated Mr. Chong. "Kim brings tremendous knowledge and expertise as a seasoned executive. Kim's success lies in his strong values, strategic thinking, tactical execution and excellent track record of management and growth. His management style is based on developing high performance work teams, and making sure that everyone is connected, informed and aligned with the vision and values of the organization. His leadership and experience will be invaluable in guiding our growth and separating the roles of Chairman and CEO will have the important benefit of strengthening Fuqi's corporate governance practices." Mr. Pan, who is fluent in English and Chinese, is a seasoned executive with more than 30 years of experience in management and financial operations, business development, and corporate governance. Mr. Pan has served as a director of Fuqi since October 2010. From 1999 to 2011, Mr. Pan has served as the President and as a member of the Board of Directors of Continental Carbon Company, a developer, manufacturer and marketer of carbon-related products. Prior to that, he served as its Executive Vice President and Chief Financial Officer. While at Continental Carbon Company, Mr. Pan was able to actively develop and execute operating and strategic plans to transform the company into a lean and focused organization able to effectively compete in the commodity chemicals market. Mr. Pan received a B.S. in Electrical Engineering from the University of Texas, Austin, an M.S. in Electrical Engineering from the University of Wisconsin, Madison and an MBA in Finance from the Wharton School at the University of Pennsylvania. "I am very excited to have the opportunity to join the Fuqi management team," said Mr. Pan. "I am honored to assume the leadership of Fuqi and look forward to working with the Board and management team to strengthen Fuqi's corporate governance and platform for future growth."
Shares of Fuqi International (Nasdaq:FUQI) were gapping down Friday morning with an open price 11.1% lower than Thursday's closing price. The stock closed at $3.60 yesterday and opened today's trading at $3.20.
Shares of Fuqi International (Nasdaq:FUQI) were gapping down Thursday morning with an open price 29.5% lower than Wednesday's closing price. The stock closed at $3.90 yesterday and opened today's trading at $2.75.