Aug 24 2009
China Nepstar Chain Drugstore Ltd. (NYSE: NPD) ("Nepstar" or the "Company"), the largest drugstore chain in China based on the number of directly operated stores, today announced the resignation of Mr. Jiannong Qian as the Company's Co-Chief Executive Officer and a director of the Board, effective on August 20, 2009, upon the expiration of Mr. Qian's employment agreement with the Company. Mr. Qian intends to pursue other opportunities. Upon Mr. Qian's resignation, Mr. Ian Wade, who had been the Company's Co-Chief Executive Officer since January 5, 2009, became the Chief Executive Officer of the Company.
Mr. Simin Zhang, Chairman of China Nepstar commented, "On behalf of the entire Company, we thank Mr. Qian for his contributions over the past three years. He played a prominent role in completing our IPO and was instrumental in transitioning Nepstar into the largest directly-operated chain drugstore in China. We wish Mr. Qian well in his future endeavors," Mr. Zhang continued, "We remain confident and excited about Nepstar's market leader position and business prospects under Mr. Wade's leadership."