China Lodging CFO Hui Chen Resigns; Boosts Share Buyback Authorization

(RTTNews) - China Lodging Group, Limited (HTHT), a China-based hotel operator, said that Hui Chen has resigned as chief financial officer for her personal reasons. She will be succeeded by Teo Nee Chuan as the new CFO.

Teo joined the company in November 2015 as Deputy CFO. He has more than 20 years of experience in financial areas in multinational corporations.

Prior to joining China Lodging Group, Teo was CFO of Rnomac International Group, the largest Volvo construction equipment distributor in China. He also served as CFO and Director of Operation in DDB Greater China Group and Financial Controller in Focus Media Group.

In addition, China Lodging Group announced that after serving for more than five years as an independent director and a member of the Audit Committee and the Compensation Committee, Joseph Chow has resigned from the board of directors for his personal reasons, effective March 16, 2016.

In a separate statement, China Lodging Group said its board of directors has authorized additional repurchases of its own outstanding American Depositary Shares or ADSs, bringing the company's available repurchase authorization to $80 million.

Under the prior share repurchase program of up to $40 million approved on April 20, 2015, China Lodging Group repurchased approximately 0.77 million ADSs with an aggregate purchase price of $17.5 million as of March 15, 2016. Now, the company's share repurchase program will extend for another 12-month period with an aggregate amount up to $80 million.