Imperial Pacific International (IPI) has lost its second key board member in the space of a week with Cai Lingli – a relative of majority owner Cui Li Jie – stepping down as a director of the company and chairperson of the executive committee.
Her departure comes just seven days after Marco Teng also announced the end of his seven-month tenure as Imperial Pacific International (CNMI) chairman.
In a filing to the Hong Kong Stock Exchange, IPI said, “Considering that the business of the group has been growing and the current management is capable of leading further development of the group, Ms Cai wishes to devote additional time to her family and other personal business commitments.”
The roles of both Cai and Teng will be filled by current executive director, Ms Xia Yuki Yu, with immediate effect. Xia, 44, is already a director of a number of IPI subsidiaries and has sat on the board since 21 November 2013.
According to IPI, she has more than 15 years’ experience in the PR and marketing industry and has held executive positions in “various enterprise groups” operating in the gaming industry. She holds a small 0.27% stake in IPI.
This latest development follows IPI issuing a statement last Friday in which it revealed it had been experiencing “transfer issues” to fund the company’s payroll for the 17 August 2018 pay-period.
“Despite the issue, the company paid over 2,000 of hourly employees on time today, Friday. Salaried employees will be paid within the week,” the statement added. “Imperial Pacific intends to meet our obligations and asks for the community’s continued support, patience and understanding.”
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