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In a recent Securities and Exchange Commission filing, CBAK Energy Technology, Inc. disclosed significant shake-ups in its board of directors. On Monday, Mr. Yunfei Li informed the Board of his immediate resignation as both a member and the Chairman. This move follows his October 2024 step down as CEO, after which he continued as Chairman to ensure a smooth leadership transition. The resignation is attributed to personal reasons, with no disagreements with the company cited.
Simultaneously, the Board appointed Mr. Jiewei Li, the current Chief Financial Officer of CBAK Energy, as a new director effective Monday. This decision was made on the recommendation of Mr. Yunfei Li, highlighting Mr. Jiewei Li’s leadership and financial acumen. However, no new Chairman has been designated, leaving the position unfilled for the time being.
Mr. Jiewei Li’s background includes serving as the company’s CFO and Secretary since August 2023 and handling investor relations since 2021. His prior experience spans multiple fund management companies in China and roles with American real estate developers. He holds a master’s degree from the Chinese University of Hong Kong.
The company clarified that Mr. Jiewei Li, like other employee directors, will not receive additional compensation for his board role but will be reimbursed for expenses related to board meetings. Moreover, there are no reported family ties or related party transactions that would necessitate disclosure under SEC regulations.
The information in this article is based on a press release statement from CBAK Energy Technology, Inc.
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