ChinaCast Education Corp. (CAST) on Monday said its Board of Directors removed Ron Chan Tze Ngon from his role as Chairman and Chief Executive Officer. The post-secondary education and e-learning services provider in China's Board appointed Derek Feng, who became a director in January, as Chairman and interim Chief Executive Officer, effective immediately.
The outgoing CEO Chan has been leading ChinaCast since its inception in 1999.
In December last year, Chan had said that the proposed slate of six directors by Ned Sherwood, one of ChinaCast's directors, would essentially remove founding management team executives and the three independent board directors serving on the Special Committee to evaluate strategic alternatives for the company. He had also said then that if Sherwood's slate take control of the Board, all members of his management team would resign from their positions with the company.
Following the annual general meeting in January, Chan in a letter to shareholders indicated that the election has put Sherwood in a position to control all board committees, and that he would take absolute control of the Board if the Board is expanded to include an additional designee by Fir Tree Partners, its major shareholder. On January 24, ChinaCast expanded its Board to include Fir Tree designee Douglas Woodrum, giving full control to Sherwood.
The company also today appointed Director Doug Woodrum as special advisor to the Chairman and said its director David Gao will replace Feng as a member of ChinaCast's compensation and special committees. David Xiaoying Gao was appointed as a director on March 23 following the resignation of Michael Santos, another founding management team executive.
At the time of his appointment as a director, Feng was a private investor and an advisor to education companies. He had also worked with Knowledge Universe as well as General Electric Co. (GE).
Feng, who has served on the company's board since January 2012, said, "With the full support and commitment of the Board, I am honored to have the opportunity to lead China's premier post-secondary education company. I look forward to working with our talented employees and leveraging on our tremendous resources as we continue to explore and execute on strategic opportunities that will deliver value to our shareholders."
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