YY (NASDAQ:YY) has added two independent directors to its board of directors. The China-based video social network now has a total of nine directors overseeing the company's strategy and finances.
Of the nine, five directors are listed as "independent," meaning they have no material or pecuniary relationship with the company aside from what they get paid to be on the board. The Nasdaq (as well as the NYSE) requires that the majority of the board be independent.
Both appointed directors have a history of working in China's technology sector. Richard Weidong Ji has spent his time at Morgan Stanley Asia as a managing director and head of Asia-Pacific Internet/media investment research from 2005-2012. Currently, he is establishing his own technology/consumer investment fund. David Tang also comes from a finance background. He serves as the managing director of Nokia Growth Partners, a venture capital firm specializing in mobile businesses. However, he has worked for the Nokia group in a variety of roles, spanning government relations, strategic partnerships, corporate development, and sustainability.
Tang has also worked for companies including Apple, AMD, and 3Com. He received his bachelor's degree in computer science and engineering and a master's degree in business from California State University. Meanwhile, Ji earned a Ph.D. in biological science from Harvard University, an MBA from the Wharton School of Business, and a B.S. from Fudan University.
In welcoming the two, Chairman of the Board of YY Jun Lei noted their "extensive knowledge and experience working in the global Internet and technology industries. ... We also believe that the increased independence of our Board further demonstrates our ongoing commitment to strengthening our corporate governance practice."
YY also announced last week that non-independent director Alexander Hartigan has decided to step down from his board post. No reason was given in the press release as to why he left the position after five years.
The appointments have been in effect since May 23.