CDC Corporation's (CHINA) current CEO and other executive management team members are leaving their posts, the company reported.
Steven Chan, the company's current General Counsel and Company Secretary, has been appointed as the Acting Chief Executive Officer effective immediately. Raymond Ch'ien has decided to resign from the Chief Executive Officer role but will continue to serve on the Board of Directors as its Chairman.
Ch'ien was only the official CEO for less than a year, though he held the post as "Acting CEO" for much longer. Rumors had swirled for years in China's technology community that CDC's previous CEO, Peter Yip, had been suffering from health problems, and Ch'ien's eventual rise to official CEO status was hoped to bring about more stability to the company.
The Board of Directors has expanded the membership and scope of its Executive Committee which now consists of a majority of the Board plus Chan, with Board member John Clough serving as Chairman, to advise Chan on a range of strategic and operational issues.
The company also announced the resignation of Keith Oliver, the company's Chief Financial Officer, effective as of October 31, 2005. Oliver will continue to work with the company during this transition period.
A Search Committee has been established by the Board of Directors to identify permanent replacements.
CDC has undergone many changes since it first came on strong in 1998. However since then, its business model has changed dramatically. First it appeared to be a web portal, then a consulting company, and finally it seems to have morphed into a software provider.