Baidu Announces Appointment of William Decker as Chairman of Audit Committee
BEIJING, China, Oct. 26 /PRNewswire-Xinhua/ -- Baidu.com, Inc. (Nasdaq: BIDU), the leading Chinese language Internet search provider, today announced that its board of directors has appointed William Decker as a new independent director and also the chairman of the audit committee of the board. In addition, Jixun Foo and Scott Walchek have resigned from their membership on the board. With the addition of William Decker to the board, three out of the company's five directors are independent directors who meet the requirements of Rule 10A-3 under the Securities Exchange Act of 1934, as amended.
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Commenting on the recent change of the board composition, Baidu's Chairman and CEO, Robin Li said, "We thank Jixun Foo and Scott Walchek for their valuable contributions to the board, and we warmly welcome William Decker as our new director and chairman of the audit committee. With more than 20 years of experience in advising companies on issues relating to US capital markets, Mr. Decker brings unparalleled financial expertise to Baidu's board." Mr. Li continued, "We are pleased to have an independent audit committee shortly after our recent successful IPO. We are always committed to strong corporate governance and our independent audit committee and majority independent board have demonstrated such commitment."
William Decker is a retired partner of PricewaterhouseCoopers LLP. Prior to his retirement in July 2005, Mr. Decker was the senior partner in charge of PricewaterhouseCoopers LLP's Global Capital Markets Group. He led a team of more than 300 professionals in 25 countries to provide technical support to non-US companies on SEC regulations and US GAAP reporting and assistance with the Sarbanes-Oxley Act compliance work. He was also one of PricewaterhouseCoopers' lead authorities on the Sarbanes-Oxley Act.
Baidu.com, Inc. is the leading Chinese language Internet search provider. As a technology-based media company, Baidu aims to provide the best way for people to find information. In addition to serving individual Internet search users, Baidu provides an effective platform for businesses to reach potential customers. Baidu's ADSs, each of which represents one Class A ordinary share, are currently trading on the NASDAQ National Market under the symbol "BIDU".
SOURCE Baidu.com, Inc. -0- 10/26/2005 /CONTACT: China, Cynthia He of Baidu.com, Inc., (8610) 8262 1188, email@example.com, or Christina Splinder, Ogilvy Public Relations Worldwide, (8610) 8520 6550, firstname.lastname@example.org, or, US, Stefan Anikewich of Hill & Knowlton, +1-212 885 0505, email@example.com/ /Photo: http://www.newscom.com/cgi-bin/prnh/20041011/BAIDULOGO / /Web site: http://Baidu.com / (BIDU) CO: Baidu.com, Inc. ST: China IN: CPR MLM SU: PER ASI RB -- NYW181 -- 6253 10/26/2005 16:01 EDT http://www.prnewswire.com