China Mobile senior exec resigns amid probe
By Louise Ho |
March 16, 2012, Friday
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Print Edition
Print Edition
CHINA Mobile, the world's largest mobile phone carrier by subscribers, said Lu Xiangdong resigned as executive director and vice president yesterday amid a financial investigation.
Lu stepped down "due to his inability to perform his duties as an executive director and a vice president under his personal circumstances," said the announcement to the Hong Kong Exchanges and Clearing Limited yesterday.
In an announcement on March 2, China Mobile said Lu was "assisting judicial authorities in the investigation of suspected financial issues."
Lu, 52, oversaw the telco's development strategy, planning and procurement. He has more than 24 years of experience in the telecom industry.
The news of his resignation has not affected the performance of China Mobile's stock yesterday in Hong Kong as it gained 0.534 percent to HK$84.65 (US$10.91). The stock has gained 12 percent so far this year.
The telco said there's no disagreement between Lu and China Mobile's board of directors and no issues related to his resignation need to be brought to shareholders' attention.
China Mobile chairman Wang Jianzhou said in Hong Kong yesterday the firm will step up internal monitoring after this incident, including on procurement.
Yesterday China Mobile said its net profit last year rose 5.2 percent annually to 125.8 billion yuan (US$19.86 billion).
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