Fengshen Tire Chairman Wang Feng resigns

On March 15, 2016, the board of directors of Fengshen Tire Co., Ltd. received a written resignation report submitted by its chairman Wang Feng.

Fengshen Tire stated that Wang Feng resigned from his position as the director and chairman of the sixth board of directors of the company, and resigned from the position of director of the strategy committee of the company's board of directors and nomination committee of the board of directors, remuneration and evaluation committee of the board of directors, and member of the audit committee of the board of directors.

Wang Feng will serve as the director of Fengshen until the shareholders meeting.

Fengshen is one of the six listed tire companies in mainland China. Its controlling shareholder is China National Chemical Rubber Co., Ltd. In 2015, China Chemical Rubber spent a large sum of money to acquire Pirelli, the international tire giant.

At present, Pirelli and China National Chemical Rubber's tire company are planning reorganization. Fengshen Tire's stock is also suspended for major asset restructuring.

The Aeolus announcement stated that Wang Feng’s resignation was due to “work change”, and it is still unknown whether the “work change” is related to major asset restructuring.