SHENZHEN, China, June 2 /PRNewswire-Asia/ -- China Nepstar Chain Drugstore Ltd. (NYSE: NPD) ("Nepstar" or the "Company"), the largest drugstore chain in China based on the number of directly operated stores, today announced the resignation of Mr. Ian Wade as the Company's Chief Executive Officer, effective today. Upon Mr. Wade's resignation, Mr. Jason Xinghua Wu, who had been the Company's Chief Operating Officer, became the Acting Chief Executive Officer of the Company.
Mr. Wu joined Nepstar in July 2008. Since then he has been working as the vice general manager of the Company's Guangzhou branch, the regional general manager in charge of the Company's North China Region and was promoted to vice president of operations in March 2009 due to his outstanding performance. In June 2009, Jason was appointed as Chief Operating Officer.
Mr. Simin Zhang, Chairman of China Nepstar commented, "On behalf of the board, we thank Mr. Wade for his contribution. Jason has been an important member of our operational team for two years. He has deep knowledge of the Chinese retail market and of Nepstar business. We look forward to a strong performance of the Company under Jason's leadership."
About China Nepstar Chain Drugstore Ltd.
China Nepstar Chain Drugstore Ltd. (NYSE:NPD - News) is China's largest retail drugstore chain based on the number of directly operated stores. As of March 31, 2010, the Company had 2,559 stores across 74 cities, one headquarter distribution center and 13 regional distribution centers in China. Nepstar uses directly operated stores, centralized procurement and a network of distribution centers to provide its customers with high-quality, professional and convenient pharmacy services and a wide variety of other merchandise, including OTC drugs, nutritional supplements, herbal products, personal care products, family care products, and convenience products including consumables. Nepstar's strategy of centralized procurement, competitive pricing, customer loyalty programs and private label offerings has enabled it to capitalize on the robust economic growth in China and to take advantage of the demographic trend in China to achieve a strong brand and leading market position. For further information, please go to http://www.nepstar.cn
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's strategic operational plans and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For more information, please contact:
In China:
Lucia Qian
China Nepstar Chain Drugstore Ltd.
Vice President, IR
Phone: +86-755-2641-4065
Email: qianrt@nepstar.cn
In the United States:
Dixon Chen
Grayling
Investor Relations
Phone: +1-646-284-9403
Email: dixon.chen@grayling.com
