Latest developments between Elec-Tech - International (ETI) and NVC Lighting have taken another dramatic turn.
ETI Chairman and President Wang Donglei recently resigned from role as president. According to a NVC Lighting board announcement, they found it unsuitable for Wang to simultaneously act as both NVC Lighting CEO and ETI President. ETI Vice Chairman Li Huating will be acting as the interim ETI President until a new president is appointed.
According to China’s Company Law Article 149, senior company officials cannot take on similar responsibilities, seek or operate business opportunities for himself without consent from shareholders. It is believed Wang quitting from ETI President role is necessary for filling the new NVC Lighting management role.
Wang has been ETI’s main leader, having acted as the company’s Chairman and President. He became NVC Lighting’s largest shareholder in December 2012 after absorbing former NVC Lighting Chairman Wu Changjiang’s stock shares. In April 2013, Wang became NVC Lighting Chairman. NVC Lighting board removed Wu from CEO position and appointed Wang as the company’s interim CEO on Aug. 8, 2014.
