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Towona Media Elects Mr. Zhang Zhenzhong (Gareth Chang), Renowned Media and Technology Executive, As Its Chairman and CEO

Posted on: Thursday, 3 July 2008, 12:00 CDT

BEIJING, July 3 /Xinhua-PRNewswire/ -- Towona Media, the largest transport digital media group in China, announced today in Beijing that it has appointed Zhang Zhenzhong (Gareth Chang), renowned international media and technology business leader and famous Chinese entrepreneur, as its chairman and CEO, and Mr. Yan Lihua, its founder and CEO, has resigned from the office.

(Photo: http://www.xprn.com/xprn/sa/200807032217.jpg )

This leadership change is believed to be an inevitable choice in the development of emerging enterprises. The separation of ownership and management is a natural evolution in the life cycle of enterprises. Previously, companies such as Shanda and Targetmedia have already transitioned from management by founders to management by professional managers.

Founded by Mr. Yan Lihua in 2003, Towona Media has developed from a small start-up based in Xiamen to a fast-growing media group that has 26 subsidiary companies across the country. Its vehicle-carried mobile TV network has an audience of nearly 300 million. Both the city numbers and terminal numbers of its media platform take the lead among its competition. The company underwent three rounds of financing and well-known international investment institutions such as CDH Investments, Cathay Inv Fund, Chengwei Fund, Walden International and Baring Fund invested significant capital into Towona Media. The company developed rapidly thanks to the input of this capital. Meanwhile, how to select more excellent professional managers became an important subject. Its founder and shareholders had been actively seeking across the world a leader who could lead the company to accelerate its growth. Finally, Mr. Zhang was selected.

Mr. Zhang is a seasoned entrepreneur and professional corporate manager with considerable influence in the international media industry, especially in Asia. He was formerly Executive Director of the board of directors of News Corporation and Chairman/CEO of Star TV. He is also a visiting Professor of Tsinghua University, Adjunction Professor of Communications University of China and Honorary of Beijing Aeronautics and Astronautics University. He was President of McDonnell Douglas Asia, President of Hughes International, and President of DirecTV International. Mr. Zhang was also Independent Board Director of Apple, Palm, Agile software, and SRS Labs. He is currently serving on the Boards of NeuStar and the Advisory Council of Nike. He has extensive experience in corporate management and is a pioneer in global satellite TV broadcasting.

Mr. Yan Lihua, founder of the company, congratulated Mr. Zhang at the Meeting for General Managers of the Company's subsidiaries. He said, "I am very happy that Mr. Zhang Zhenzhong accepted our invitation to act as chairman and CEO of Towona Media. He is a very experienced media expert and successful entrepreneur equipped with international perspectives and extremely familiar with media operations in China. His joining will add tremendous strength to the further development of Towona Media. I hope that he will lead Towona Media to the world arena as an outstanding corporation." Mr. Yan also pointed out that "mobile TV is an emerging media industry in China that enjoys huge growth potentials. This new industry needs both entrepreneurs who dare to explore new areas with a pioneering spirit and professionals who are familiar with operational mechanisms. Mr. Zhang's joining not only signals that Towona Media has entered a new stage of development, but it also indicates that the mobile TV industry in China has evolved to a global level."

After accepting the appointment of the board of directors, Mr. Zhang said, "As an outstanding media company, Towona Media boasts quality of service, resourcefulness, healthy capital, and, more importantly, a passionate team. I feel honored to serve as its CEO and chairman. Mr. Yan and his partners laid a solid foundation for the company and have brought it onto a rapid development track. The company has become a leader for mobile TV in China with admirable performances. My challenge will be leading Towona Media to be more customer focused and value creating. Thus I will lead Towona Media and continue its path as the leader in the mobile TV industry. I returned to my Chinese homeland almost 30 years ago to start many technology and media businesses, I hope that my time spent with Towona Media will be even more memorable and successful."

Towona Media

CONTACT: Echo Wu of Towona Media, +86-10-5927-0032

Source: PRNewswire

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