BEIJING, May 11, 2012 /PRNewswire-Asia-FirstCall/ China Biologic Products, Inc. (NASDAQ: CBPO, "China Biologic" or the "Company"), one of the leading plasma-based biopharmaceutical companies in the People's Republic of China, today announced that the Company's Board of Directors (the "Board") has appointed Chairman David (Xiaoying) Gao to the additional position of Chief Executive Officer, effective May 10, 2012. Mr. Gao succeeds Mr. Colin (Chao Ming) Zhao, who will continue to serve as the President of the Company.
By assuming the CEO position, Mr. Gao has moved from non-executive Chairman to executive Chairman of the Board of Directors. In this connection, Mr. Gao has resigned from his posts in the Company's Audit Committee, Compensation Committee, and Governance and Nominating Committee, effective May 10, 2012. The Company plans to fill the vacancy in the three Committees resulting from Mr. Gao's resignation.
Mr. Colin Zhao, President, stated "I am very pleased that David has agreed to take the position of Chief Executive Officer to provide hands-on leadership and execution of the Company's growth strategy. I believe he is uniquely qualified for the task and I personally look forward to working with him and helping the Company reach a higher level of performance for the benefit of all our stakeholders. Since David joined the Board as an independent director last October, he has shown great passion in helping the Company sharpen its strategic direction, corporate governance, investor relations, and other critical aspects of its business. His passion has been coupled with a strong commitment to execution and focus on achievements and accountability."
"I am deeply honored by the confidence that the Board of Directors have placed in me. I am thankful for the opportunity having been provided to take China Biologic Products up to the next level and I am excited by the substantial prospects in front of us," said Mr. David Gao, Chairman and CEO of
|SOURCE China Biologic Products, Inc.|
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