BEIJING, Dec. 11, 2014 /PRNewswire/ -- Qihoo 360
Technology Co. Ltd. ("Qihoo 360" or the "Company") (NYSE: QIHU), a
leading Internet company in China,
today announced changes to its Board of Directors. Ms.
Wenjiang Chen has resigned from the
Company's Board of Directors effective immediately. Upon her
resignation, Ms. Chen will serve as the Company's strategy advisor
going forward. The Board of Directors of the Company (the "Board")
has appointed Dr. Jianwen Liao as an
independent director of the Company, as well as a member of the
Audit Committee and a member of the Corporate Governance and
Nominating Committee, effective immediately. The Board has also
appointed Dr. Ming Huang as the
Chairman of Audit Committee upon the effectiveness of Ms. Chen's
resignation.
Dr. Jianwen Liao is the Associate
Dean, Academic Director of Innovation Center, and Professor of
Managerial Practice in Strategy, Innovation and Entrepreneurship at
the Cheung Kong Graduate School of Business. His professional
experience spans across North
America and Asia. He was a
tenured associate professor at the Stuart School of business,
Illinois Institute of Technology during
2006 to 2012. Additionally, he held various visiting professor
positions at Hong Kong University of Science
and Technology, China European International Business School
(CEIBS) and Peking University. Dr. Liao is primarily engaged in
cross disciplinary research in strategy, innovation and
entrepreneurship, and in particular the interactions between new
economy and traditional economy. He has won several awards for his
research and teaching, including the research grant awards from the
US Small Business Administration (2007, 2008) and the Excellence in
Teaching Award in 2009 at Stuart School of Business at Illinois
Institute of Technology. Dr. Liao also serves as an
independent director at Colour Life Services Group Co. (HKSE:
1778), China Mengniu Dairy Company Limited (HKSE: 2319) and 361
Degrees International Limited (HKSE: 1361). Dr. Liao received his
Bachelor of Engineering from Northeastern
University in July 1988, his
Master of Economics from Renmin University of China in February
1991 and his Ph.D of Business Administration from
Southern Illinois University at
Carbondale in August 1996.
Dr. Ming Huang has been an
independent director of the Company since March 2011. He has been a professor of finance at
the Johnson Graduate School of Management at Cornell University since July 2005 and a professor of finance at
China-European International Business School (CEIBS) since
July 2010. Dr. Huang also served as a
professor of finance at Cheung Kong Graduate School of Business in
China from July 2008 to June
2010 and Dean of the School of Finance at Shanghai University of Finance and Economics
from April 2006 to March 2009. Prior to 2005, he was an associate
professor of finance at the Graduate School of Business at
Stanford University from September 2002 to June
2005 and an associate dean and visiting professor of finance
at Cheung Kong Graduate School of Business from July 2004 to June
2005. Dr. Huang's academic research primarily focuses on
behavioral finance, credit risk and derivatives. In recent years,
his research has focused on Chinese capital market and public
companies. Dr. Huang also serves as an independent director at
JD.com (Nasdaq: JD), Yingli Green Energy Holding Company Limited
(NYSE: YGE), Fantaisa Holdings Group Co., Ltd. (HKSE: 1777), WH
Group Limited (HKSE: 0288), and China Medical System Holdings Ltd.
(HKSE: 0867). Dr. Huang received his bachelor's degree in physics
from Peking University, his doctorate degree in theoretical physics
from Cornell University and his
doctorate degree in finance from Stanford
University.
Commenting on the changes, Mr. Hongyi
Zhou, Chairman and Chief Executive Officer of Qihoo 360,
said, " On behalf of the Board, I wish the best to Ms. Chen's new
endeavor. We appreciate her instrumental contribution to strengthen
Qihoo 360's corporate governance and will continue to seek her
insight and advice on a variety of issues in the future."
"I also would like to welcome Dr. Liao to the Board. We believe
Dr. Liao's strong academic background and professional experience
will help the Company's Board continue to fulfill its ongoing
commitment to solid corporate governance and long-term shareholder
value."
About Qihoo 360
Qihoo 360 Technology Co. Ltd. (NYSE: QIHU) is a leading Internet
company in China. The Company is
also the number one provider of Internet and mobile security
products in China as measured by
its user base, according to iResearch. Qihoo 360 also provides
users with secure access points to the Internet via its market
leading web browsers and application stores. The Company has built
one of the largest open Internet platforms in China and monetizes its massive user base
primarily through online advertising and through Internet
value-added services on its open platform.
Forward-looking
Statements
This press release contains statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward- looking statements by
terminology such as "will," "expects," "believes," "anticipates,"
"intends," "estimates" and similar statements. Among other things,
the management's quotations and the "Business Outlook" section
contain forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations, assumptions, estimates and
projections about Qihoo 360 and the industry. Potential
risks and uncertainties include, but are not limited to: the
Company's ability to continue to innovate and provide attractive
products and services to attract and retain users; the Company's
ability to keep up with rapid changes in technologies and
Internet-enabled devices; the Company's ability to leverage its
user base to attract customers for our revenue-generating services;
and the Company's dependence on online advertising for a
substantial portion of our revenues; and the Company's ability to
compete effectively. All information provided in this press release
is as of the date of the press release, and Qihoo
360 undertakes no obligation to update any forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although Qihoo 360 believes that the expectations
expressed in these forward-looking statements are reasonable, it
cannot assure you that its expectations will turn out to be
correct, and investors are cautioned that actual results may differ
materially from the anticipated results. Further information
regarding risks and uncertainties faced by Qihoo 360 is
included in Qihoo 360's filings with the U.S.
Securities and Exchange Commission, including its annual report on
Form 20-F dated April 25, 2014.
For investor and media inquiries, please contact:
Qihoo 360 Technology Co. Ltd.
In China:
Tel: +86-10-5878-1574
E-mail: ir@360.cn
In the U.S.:
The Piacente Group, Inc.
Don Markley or Glenn Garmont
Tel: +1-212-481-2050
E-mail: qihu@tpg-ir.com
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SOURCE Qihoo 360 Technology Co. Ltd.