Chinese wireless value-added services firm KongZhong (KONG) announced the appointment late last week of Wang Xin as its chief operating officer.
The appointment is effective immediately and follows the company's plunge in its stock price of about 48% since the beginning of the year to USD3.14 at its close on November 14, 2008.
Wang was previously president of Sina.com's wireless subsidiary from 2003 to 2006. Before that, he was the founder and chief operating officer of Meme Star, a wireless value-added services company later acquired by Sina.com.
"Mr. Xin Wang is an extraordinary executive leader in the wireless industry, and has been the most respected competitor of mine for quite a long time," stated Wang Leilei, CEO of KongZhong.