China Digital TV Holding Co., Ltd. (NYSE: STV) (“China Digital TV” or the “Company”), the leading provider of conditional access systems to China’s rapidly growing digital television market, has announced the results of the Company’s annual general meeting of shareholders which was held in Beijing .
At the meeting, shareholders approved the re-election of Dr. Zengxiang Lu and Mr. Jianhua Zhu to serve on the board of directors for further three-year terms. In addition, through a separate written resolution of the board, Mr. Jianhua Zhu, China Digital TV’s chief executive officer, was appointed by the board of directors as chairman of the board, effective immediately. Dr. Zengxiang Lu will step down from his positions of chairman of the board and chief strategy officer, also effective immediately.
“As one of our company’s founders, Dr. Lu has been instrumental in helping China Digital TV become China’s leading provider of CA systems. We sincerely thank him for his two years of service as chairman of the board,” said Mr. Jianhua Zhu. “I am honored and excited to step into this new role and I look forward to helping China Digital achieve even greater success in the future.”
Dr. Zengxiang Lu added, “Mr. Zhu has been with China Digital TV from its establishment and led it to today’s success. I am confident that he will do an excellent job as chairman of the board. I look forward to contributing to our company’s growth and prosperity by continuing to serve on the board of directors on a full-time basis as well as on the corporate investment & strategic committee and the employee performance review & compensation committee.”