Tri-Tech Holding Inc. which provides turn-key water resources management, water and wastewater treatment, industrial safety and pollution control solutions, announces changes to its internal management designed to improve corporate governance and allocate resources to streamline the company's operations.
"As our investors know, Tri-Tech has recently completed several challenging quarters. We have looked not only at developing new sources of revenue but also at controlling expenses and improving operational efficiency in order to strengthen the Company over the long term," says Gavin Cheng, CEO of the Company.
"In reviewing operations, we determined that the company needed to have a manager in charge of company-wide operations. Our ideal candidate would be familiar with our company's various operations and would be experienced with finances. We are pleased that our current Chief Financial Officer, Peter Dong, has agreed to become our new Chief Operating Officer."
"Once Peter stepped down as CFO, we knew we needed a new CFO who was experienced with financial markets and could communicate well with our investors in the US and throughout the world. Our current President, Phil Fan, has been communicating with investors on behalf of the Company since our initial public offering and has studied finance and accounting at Northwestern University's Kellogg School of Management and DeVry's Keller Graduate School of Management."
To help the company weather the current industry challenges, both the COO and CFO will cooperate on cost control efforts, including potential restructuring, downsizing and cash flow management and budgeting.
The COO will oversee the company's existing lines of business of its four Chinese subsidiaries and the Department of Human Resources. The CFO will focus on improving cash flow management and strategic planning and will manage the Department of Accounting Management.