Focus Media executive director resigns, CFO appointed as replacement
Beijing. May 25. INTERFAX-CHINA - Focus Media Holding Ltd. (Focus Media), China's leading digital advertising provider, announced May 24 the resignation of Executive Director and General Manager Yang Deyi, effectively immediately.
Yang resigned for personal reasons, according to the announcement. He joined Focus Media as Chief Advisor in August 2004.
Chief Financial Officer (CFO) Liu Jieliang will take over as Executive Director. The announcement did not elaborate on whether Liu would continue to serve as CFO, the position he held upon joining Focus Media in January 2010.
Separately, Focus Media announced it clocked net profit of $20.50 million in the first quarter (Q1) of 2011. Revenue rose 51.40 percent year-on-year to $146.60 million, while net losses totaled $9.54 million for the quarter.
Focus Media attributed the results to its expanded network of poster frames, in-store displays and digital billboards, which generated an aggregate $136.10 million in revenue.
The company added that it would complete its $1.50 million acquisition of a 15 percent stake in Enjoy China Technology Development Co. Ltd. by the second half of 2011.
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