SHENZEN, China (CelebrityAccess) — Chinese music streaming and social media company Tencent Music Entertainment Group announced a shakeup of its board that will see Mr. Liang Tang resign from the board and its compensation committee, effective immediately.
A reason for Mr. Tang’s resignation was not disclosed but Tencent’s executive chairman Cussion Pang thanked him for his service to the company.
“On behalf of our Board, we would like to sincerely thank Mr. Tang for his remarkable eight years of services as a member of TME’s Board. Since joining the Board in 2014, Mr. Tang has consistently made invaluable contributions to TME’s strategic direction and development. After his resignation, Mr. Tang will continue to provide us with strategic advice as an honorary advisor,” commented Mr. Cussion Pang, Executive Chairman of TME.
Mr. Liang Tang commented, “It has been my greatest pleasure to serve on TME’s Board, and I feel immense pride in the Company’s accomplishments, especially its steadfast leadership in shaping China’s music industry. I will continue to assist TME and provide strategic advice as it grows and builds on its success.”
Tencent also announced several additions and changes to the board, including Ms. Jeanette Kim Yum Chan, who joins as an independent director, and that existing board member Ms. Edith Manling Ngan has been named to the board’s compensation committee.
The changes to the company’s board of directors follows the news that Tencent is planning a secondary listing on the Main Board of The Stock Exchange of Hong Kong. The listing will be in addition to Tencent’s current listing on the New York Stock Exchange.
Tencent has received a letter in principle approving the secondary listing and shares are expected to commence trading on the SEHK on September 21, 2022.
