Two Top Execs Leave CDC

CEO Raymond Ch'ien and CFO Keith Oliver resign.
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CDC Corp.'s

(CHINA)

chief executive and chief financial officer resigned Tuesday amid a restructuring. The former Chinadotcom named its general counsel as temporary CEO and said it formed a search committee to find permanent replacements.

The outgoing CEO, Raymond Ch'ien, was named to the post on March 10 following the resignation of Peter Yip, who was on an extended medical leave.

In its release Tuesday, CDC said Ch'ien "decided to resign" and will remain a director. The move is "part of the company's recently announced strategic review and restructuring efforts," CDC said.

"The board would like to thank Raymond for leading the company since he stepped into the role during a challenging time as a result of our former chief executive officer's medical leave of absence," CDC said.

Ch'ien will be succeeded by general counsel Steven Chan.

Also resigning is CFO Keith Oliver. He'll remain with the company during a transition period.

Two weeks ago, CDC reported a $36,000 profit for its second quarter. Revenue rose 44% from a year ago to $64.6 million.