WuXi PharmaTech Announces CFO Benson Tsang to Leave Company; COO Edward Hu Named Acting CFO
Feb 17, 2009
February 17, 2009 – Shanghai, China – WuXi PharmaTech (NYSE: WX), a leading pharmaceutical, biotechnology and medical device research and development outsourcing company with operations in China and the United States, announced today that Benson Tsang, Chief Financial Officer, is leaving the company for personal reasons at the end of February. Edward Hu, Chief Operating Officer, will serve as acting Chief Financial Officer until a replacement is found.
Mr. Tsang joined WuXi PharmaTech in 2006 as Chief Financial Officer. He made important contributions to the company's growth and development, including the successful initial public offering in August 2007, enhancement of the company's financial systems, and relationship building with investors and analysts in both China and the United States.
The board has formed a search committee to recruit a new Chief Financial Officer. Mr. Tsang has agreed to provide transition services and to assist in recruiting his successor. In the interim, Christine Lu-Wong, Vice President of Finance, will serve as the company's Principal Accounting Officer.
Mr. Hu joined WuXi PharmaTech in 2007 and has been Chief Operating Officer since January 2008. Before joining the company, he was Chief Operating Officer at Tanox, Inc., which was acquired by Genentech in 2007. He has more than a decade of experience in financial positions of increasing responsibility at Merck, Biogen Idec, and Tanox. He holds an M.B.A. and an M.S. in Biophysics and Biochemistry from Carnegie Mellon University.
"I want to thank Benson for his financial leadership during an important period in our company's history," said Dr. Ge Li, Chairman and CEO. "He leaves our company on a sound financial footing, with a solid balance sheet and strong long-term growth prospects. Ed Hu's appointment as interim Chief Financial Officer will ensure a smooth transition as we complete our search."
About WuXi PharmaTech (Cayman) Inc.
WuXi PharmaTech is a leading pharmaceutical, biotechnology and medical device R&D outsourcing company, with operations in China and the United States. As a research-driven and customer-focused company, WuXi PharmaTech provides pharmaceutical, biotechnology and medical device companies a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process. WuXi PharmaTech's services are designed to assist its global partners in shortening the cycle and lowering the cost of drug and medical device R&D. The operating subsidiaries of WuXi PharmaTech are known as WuXi AppTec. For more information, please visit: www.wuxiapptec.com.