The Board of Directors of KVB Kunlun Financial Group Limited announced this Tuesday that it had appointed Mr. Wu Fei as an executive director of the company and the general manager of the Group, effective from the 5th of November, 2019.
As part of his appointment, Wu will enter into a service agreement with the company for a three year period, starting from his date of appointment. According to the statement, filed through the Hong Kong Exchanges and Clearing Limited (HKEX), his appointment will be subject to retirement by rotation and re-election.
In his new position, Wu will be entitled to a director’s fee of HK$240,000 (around $30,632) per annum. As of today, Wu doesn’t hold any interest in any shares of KVB Kunlun.
Wu takes on this role with substantial experience in finance and compliance. Currently, he serves as the deputy head of the legal and compliance department of CLSA, a position he has held since January 2019. CLSA is a subsidiary of CITIC Securities Company Limited, of which he has been working in the compliance department and legal department since 2013.
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In the statement released this Tuesday, the Board of KVB Kunlun said that it would like to extend a “warm welcome” to Wu on his appointment.
KVB Kunlun loses CEO and CFO
The appointment of Wu as an executive director follows on from the departure of KVB Kunlun’s Chief Executive Officer (CEO) and Chief Financial Officer (CFO), leaving the foreign exchange (forex) broker in recent months.
As Finance Magnates reported, Stefan Liu, who had been with the firm since 2001, left the position of CEO in July. The broker did not provide a reason for his departure.
One month later, it was announced that the broker’s CFO Wong Yiu Kit was also leaving the firm. As Finance Magnates highlighted at the time, Wong left the firm “in order to devote more time to his other personal engagements.”