Yongye International (NASDAQ: YONG ) is soon to be short a chief operating officer. The company announced that the man currently holding the position, Nan Xu, has tendered his resignation. He will also vacate his seat on the board of directors. Xu's departure is effective tomorrow.
In an SEC filing on the matter, Yongye said its soon-to-be-former COO was stepping down "for personal reasons, and not the result of any disagreement regarding the operations, policies or practices of the Company's management."
The agricultural nutrient company said Xu's position as COO would be filled by "members of the senior management team" that it did not name. At the moment, it does not anticipate nominating a new director to replace him.
Last week, Yongye announced it had entered into a buyout agreement with British Virgin Islands holding company Full Alliance International Limited to be taken private for $6.69 per share.