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.
Fool contributor Eric Volkman has no position in Yongye International. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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