BEIJING, Jan. 21, 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. Mr. Hong Chuan Thor has resigned from the Company's
Board of Directors for personal reasons, effective immediately. Mr.
Shujun Li also tendered his
resignation from the Company's Board for personal reasons, and his
resignation will become effective May 1,
2014, after the Company files its annual report on Form 20-F
for the year ended December 31, 2013.
Dr. Eric Chen, Managing Director of
Silver Lake, has been appointed to be an independent director of
the Company, effective immediately.
Dr. Eric Chen joined Silver Lake
in 2008 and is currently serving as a Managing Director. Prior to
Silver Lake, Dr. Chen was a Senior Vice President and Executive
Committee member of ASML, a global leader in semiconductor
technology. Dr. Chen joined ASML following its acquisition of Brion
Technologies in 2007, the company he co-founded in 2002 and served
as the CEO since inception. He was formerly a Senior Vice President
at J.P. Morgan, where he coordinated the global research effort in
the electronics sector and conducted equity research for a number
of technology segments. Dr. Chen studied Physics at Peking
University and received his Ph.D. in Electrical Engineering from
Stanford University.
The Board of Directors of the Company has appointed Dr. Chen to
replace Mr. Hong Chuan Thor as the
Chairman of the Corporate Governance and Nominating Committee and a
member of the Compensation Committee, effective immediately. Dr.
Chen will also become a member of the Audit Committee upon the
effectiveness of Mr. Li's resignation. The Board of Directors of
the Company has appointed Ms. Vivian
Wenjiang Chen as the Chairman of the Audit Committee
effective on May 1, 2014. Ms. Chen is
currently a member of the Audit Committee.
Commenting on the changes, Mr. Hongyi Zhou, Chairman and
Chief Executive Officer of Qihoo 360, said, "On behalf of the
Board of Directors, I would like to thank Mr. Thor and Mr. Li for
their long-time support of our business, and the valuable
contributions they have made to improve our internal management and
corporate governance."
"I also would like to welcome Dr. Chen to the Board. We believe
Dr. Chen's strong academic background and industry expertise will
reinforce the strength of the Company's Board 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 19, 2013.
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.
Kathy Price
Tel: (212) 481-2050
E-mail: qihu@tpg-ir.com
SOURCE Qihoo 360 Technology Co. Ltd.