- Monday, 26 January 2009 19:04
Jiang had handed over the CEO position to president Tan Zhi in March, and moved upstairs to become executive chairman. With Jiang coming back as CEO after less than a year, Tan will now be relegated to the role of executive director.
Also departing from the limelight at Focus is CFO Daniel Wu, who is leaving the company. Alex Deyi, general counsel since 2004, is becoming acting CFO.
Focus late last year agreed to sell the bulk of its out-of-home interests to Sina Corporation, which will leave Focus as largely an Internet business. However, Jiang may not be disappearing from the OOH scene altogether – Chinese reports suggest that he will be taking a place on Sina’s board.
Wall Street appeared to give a cautious welcome to today’s news: Focus stock, which has been slipping on the NASDAQ market since early January, was up about eight percent in early-afternoon trading. Volume was average.