NetEase.com Announces Change in Board Seat
NetEase.com, Inc (Nasdaq: NTES), a leading Internet technology provider in China, today announced that one of its directors, Kathy Xu, has resigned from the Board of Directors effective immediately and that the Board has elected Ronald Lee to fill the vacancy. Mr. Lee was also appointed to NetEase's Audit Committee.
Commenting on this change, Ted Sun, NetEase.com's acting Chief Executive Officer and a director, said, "The Board of Directors thanks Kathy for her tireless service on the Board and the high level of commitment toward NetEase that she demonstrated during her tenure. We are also pleased to welcome Mr. Lee to the Board."
Ronald Lee is the managing director and co-founder of BEENET, an Internet consulting and solutions services provider established in November 1999. Prior to that, he was a corporate finance senior manager at Cable & Wireless HKT, where he worked from 1995 to 1999. Mr. Lee has over 12 years of working experience in venture capital, corporate finance and direct investment. Mr. Lee also worked for Royal Trust in Toronto and Hong Kong and Peregrine Capital Limited and Peregrine Direct Investment Limited in Hong Kong. Mr. Lee holds a master of business administration degree with specialization in accounting and finance from the University of Western Ontario and a bachelor of science degree in accounting and finance from Georgetown University.
NetEase.com, Inc is a leading China-based Internet technology company that pioneered the development of applications, services and other technologies for the Internet in China. The NetEase Web sites, operated by a company affiliate, organize and provide access to 18 content channels through distribution arrangements with more than one hundred international and domestic content providers. In addition, the NetEase Web sites contain more than 200,000 active personal home pages. These pages, created and maintained by users, enable users to share information, communicate about interests and areas of expertise, and publish personal content accessible by other Chinese Internet users. The sites also offer online interactive community services through 1,800 community forums. At the end of May 2002, the number of simultaneous chat room participants reached 55,476 during peak hours, and the number of registered users of the NetEase Web sites reached 60.7 million. The average number of daily pageviews was over 318 million in May 2002. NetEase also offers online multi-player games, wireless services and premium e-mail, as well as auction and online mall technology services that provide opportunities for e-commerce and traditional businesses to establish an online e-commerce presence on the NetEase Web sites.