Chinese digital media and advertising company Focus Media Holding Limited has announced a couple of key executive appointments.
Kit Leong Low will become the company's chief financial officer, and Alex Deyi Yang shifts from the acting chief financial officer role to become the general manager at Focus Media.
Low, who was previously at eSun Holdings and Goldman Sachs Asia-Pacific Research Media, arrives at the company in the wake of consequent poor financial quarters for the company. For the third quarter ended September 30, 2009, Focus Media stated that its revenue and profit both dropped during the quarter that saw much restructuring. Total net revenue for third quarter 2009 was USD166.6 million, declining 3% from USD171.3 million for the second quarter of 2009 and declining 26% from USD224.8 million for the third quarter of 2008. Net loss attributable to shareholders was USD127.6 million or a loss of USD0.99 per fully diluted ADS, compared to net loss attributable to shareholders of USD23 million for the second quarter of 2009.
On September 28, 2009, Focus Media and Sina Corporation, the owner of Chinese Internet portal Sina.com, jointly reached a decision not to extend the deadline of the agreement announced on December 22, 2008, to sell substantially all of the assets of Focus Media's digital out-of-home advertising networks, including the LCD display network, poster frame network and certain in-store network.
Yang will retain his position as a director of Focus Media.