Turmoil at Chinese sportswear brand Exceed - sportstextiles: Lea SportsTextiles

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Turmoil at Chinese sportswear brand Exceed

27/05/2015
The chief financial officer and a director of Chinese sportswear brand Exceed have resigned following setbacks that have included a delisting from US stock exchange NASDAQ due to unpaid fees.

The company said the board had tried to convince Vivien Tai and Yea-Mow Chen to reconsider “but such efforts were unsuccessful”.

The use of the company's funds outside of China was formerly controlled by CEO Shuipan Lin, but "due to illness", Mr Lin had been unable to remit funds outside of China for. As a result, a substantial number of service providers suspended or terminated their services.

Exceed said in a statement: “In the view of the board, Mr Lin bears primary responsibility for the failure to establish the management discipline and internal controls essential for meeting the company's responsibilities as a public company. The board of directors is sympathetic to Mr Lin's explanation for the delay but strongly disagrees with his approach in handling the situation. The board reserves the right to conduct investigation it deems appropriate if additional facts emerge that may suggest other reasons behind Mr Lin's inactions.”

The board has now charged Ding Dong Dong, executive director, with looking after the company's offshore operations, including its dealings with regulatory authorities.

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