Ms. Ling He has resigned as director at IT services and solutions provider iSoftstone and the company has subsequently announced that Benson Bing Chung Tam has rejoined as an independent director. Mr. Tam served as a pre-IPO iSoftStone director from 2007 until December 2010. From 2002 until February 29, 2012, Tam was a partner and head of technology investments at Fidelity Growth Partners Asia (formerly named Fidelity Asia Ventures). Prior to that, he was a partner of Electra Partners Asia from 1998 to 2002 and was the founding director of Hellman & Friedman Asia from 1992 to 1998. Tam worked in M&A corporate finance at S.G. Warburg from 1989 to 1992.
iSoftStone Holdings Limited (“iSoftStone” or the “Company,” NYSE: ISS), a leading China-based IT services and solutions provider, today announced that Ms. Ling He resigned as an iSoftstone director effective February 28, 2012. Ms. He joined the iSoftstone Board in 2009 in connection with pre-IPO investments in the Company by SeaBright China Special Opportunities Fund II, L.P., and CSOF Technology Investments Limited. Ms Ling intends to pursue other interests and there are no outstanding disputes between the Company and Ms. Ling relating to iSoftstone’s operations, policies or practices.
Mr. Benson Bing Chung Tam has rejoined as an independent Director on the iSoftStone Board of Directors with effect on March 1, 2012. Mr. Tam served as a pre-IPO iSoftStone director from 2007 until December 2010. Mr. Tam will also serve on the Company’s Audit Committee.
Mr. T.W. Liu, iSoftStone’s Chairman of the Board and Chief Executive Officer, said, “I thank Ms. Ling He for her substantial Board contributions during her two-plus year tenure. Her judgment and guidance were helpful in successfully transitioning iSoftstone to a NYSE listed company.”
“It is somewhat rare in any company to be able to welcome back a board member, so I am particularly pleased that Mr. Benson Tam has agreed to rejoin us as an independent Director. Benson’s previous contributions to the Board were considerable, so we are very thankful to again have his wise counsel and expertise on the Board.”
Mr. Tam is a chartered accountant and prior to the Company’s December 2010 IPO served on the Company’s audit committee. From 2002 until February 29, 2012, Mr. Tam was a partner and head of technology investments at Fidelity Growth Partners Asia (formerly named Fidelity Asia Ventures). Prior to joining Fidelity Growth Partners Asia, Mr. Tam was a partner of Electra Partners Asia from 1998 to 2002, and was the founding director of Hellman & Friedman Asia from 1992 to 1998. Mr. Tam worked in M&A Corporate Finance at S.G. Warburg from 1989 to 1992.
About iSoftStone Holdings Limited
Founded in 2001, iSoftStone is a leading China-based IT services provider serving both greater China and global clients. iSoftStone provides an integrated suite of IT services and solutions including consulting & solutions, IT services, and business process outsourcing services. The company focuses on industry verticals that include technology, communications, banking, financial services, insurance, energy, transportation, and public sectors. iSoftStone’s American depositary shares began trading on the New York Stock Exchange on December 14, 2010.
iSoftStone Holdings Limited
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iSoftStone Holdings Limited
Mr. Jonathan Zhang
Chief Financial Officer
Mr. Tom Myers
SOURCE iSoftStone Information Technology (Group) Co., Ltd.