A-Power Energy Generation Systems, Ltd. announced that Kin Kwong (Peter) Mak, A-Power's Chief Financial Officer, will come to the end of his extended service contract on July 15, 2011.
The company also announced that Michael Zhang, the Company's Vice President for Strategic Planning, Internal Audit, and Internal Control, and recently elected to the Company's board of directors, will also serve as interim CFO, effective July 15, while the Company conducts a search to fill the CFO position. As interim CFO, Mr. Zhang will oversee the Company's financial operations and financial reporting.
Mak was appointed Chief Financial Officer in May 2009. His two-year contract had been extended 1.5 months to July 15, 2011.
Zhang, age 42, joined A-Power in January 2010 as Vice President, initially for the design, implementation, and management of the Company's internal and disclosure controls systems, and later his scope was expanded to include internal audit, strategic planning, and the integration of the company's Evatech Co. Ltd. solar equipment manufacturing subsidiary in Japan. He has more than 18 years of experience in internal audit, internal controls, corporate governance, and risk management related services. Zhang's professional experience includes assisting listed issuers with the preparation of their US GAAP financial statements.
Prior to joining A-Power, Zhang was Executive Director of Business Risk Services with Ernst & Young (China) Advisory Limited from August 2007 through May 2009. Previously he was Director of Enterprise Risk Services at Deloitte Touche Tohmatsu CPA Ltd. from April 2005 through May 2007, where his responsibilities included the provision of internal control (Sarbanes-Oxley Section 404) consulting services to a variety of corporate clients. Zhang earlier served with Lenovo Group Ltd. for more than four years as director of internal audit and internal controls and with China National Petroleum Corporation for seven years as an internal auditor and, initially, as a software engineer.
Zhang is a Certified Internal Auditor and a past member of the Internal Auditing Standards Board of The Institute of Internal Auditors. Zhang graduated from Northwest University with a Bachelor's Degree in Computational Mathematics. He received an MBA in Finance from Hong Kong Chinese University.
Since November 2010, Zhang has been an independent director and audit committee chairman on the Board of Directors of China Shengda Packaging Ltd., a Nasdaq-listed China-based paper packaging company that has no relationship with A-Power. Since September 2009, he has served as an independent director in Beijing Kingstar Consulting Firm Limited, a development-stage consulting firm that has no relationship to A-Power. Since May 2009, he has served as an independent director of Well-Tech (Changzhou) Electronic Technology Co., Ltd., a provider of mechanical manufacturing services that has no relationship to A-Power.
Zhang was elected as a director of A-Power, effective on June 8, 2011.