Zhongpin Inc., a leading meat and food processing company in the People's Republic of China, announced that Mr. Min Chen, an independent director of the company, informed the company's Board of Directors that, in order to pursue other projects and interests he intends to retire from the Board.
He will not seek re-election when his term expires at the company's upcoming 2011 Annual Meeting of Stockholders, which is scheduled for June 15, 2011. Mr. Chen has been a member of the Board since October 2007. Mr. Chen is currently a member of the audit committee and compensation committee of the Board and the chairman of the nominating committee of the Board.
Effective from the date of the company's 2011 Annual Meeting of Stockholders, Mr. Chen will no longer serve on these committees. Mr. Chen's decision not to seek re-election is not due to any disagreement with the company on any matter relating to the company's operations, policies, or practices.
Mr. Min Chen commented, "In the past few years, I have witnessed tremendous progress at Zhongpin, and I have truly enjoyed being a member of the board. I am now considering working for an international company in the manufacturing sector, which position requires that I should not hold any directorships in any publicly-listed companies. It is with deep regret that I have decided not to stand for re-election when my current term expires on June 15, 2011."
Mr. Xianfu Zhu, Chairman and Chief Executive Officer of Zhongpin, said, "It is with great reluctance that we accept Min Chen's decision to leave our board. We thank Mr. Chen for his service and contributions and wish him well and great success in his exciting new position. We understand his situation, and we will truly miss his wise counsel and advice, his logical deliberations, and his friendship."
Zhongpin is already in the process of evaluating new director candidates and expects to be able to appoint a new independent director in the near future.