CHINA: Ku steps down as China Marine CFO
Chinese seafood and snacks firm China Marine Food Group has said CFO Marco Ku is to step down from the company.
The group, listed in the US, said Ku "resigned ambicably and has no disagreements with the company on any financial or business issues". He will leave the role on 30 October.
"Marco has been an architect in the success of our capital raises over the past six years and he was also instrumental in our uplisting to [the] NYSE MKT in 2009. We will provide an update on the replacement CFO as soon as information is available," chairman and CEO Pengfei Liu said.
Last month, China Marine reported lower half-year losses despite a fall in sales. Lower operating costs helped China Marine's bottom line. Marine catch revenues fell amid lower selling prices, which led the company to hold back stock for higher prices in the third and fourth quarters.
SHISHI, China, Aug. 30, 2013 /PRNewswire-FirstCall/ -- China Marine Food Group Limited (NYSE MKT: CMFO) ("China Marine" or the "Company"), a manufacturer of Mingxiang® seafood-based snack foods, Hi-Power® marine algae-based beverages and a distributor of frozen marine catch, today announced that Mr. Marco Ku, Chief Financial Officer, will be leaving the Company effective October 30, 2013 for personal reasons.
The Company notes that Mr. Ku resigned amicably and has no disagreements with the Company on any financial or business issues. The Company values the significant contributions made by Mr. Ku during his tenure as CFO and notes that Mr. Ku will also assist the Company until his departure while a replacement search is underway. "On behalf of our Board of Directors and management team, we want to sincerely thank Marco Ku for his many years of service as our CFO," stated Pengfei Liu, CEO and Chairman of China Marine.
"Marco has been an architect in the success of our capital raises over the past six years and he was also instrumental in our uplisting to NYSE MKT in 2009. We will provide an update on the replacement CFO as soon as information is available," Chairman Liu concluded.
Original source: China Marine Food Group
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