(By Balaseshan) Tri-Tech Holding Inc. (NASDAQ: TRIT), which designs customized sewage treatment and odor control systems, said its current Chief Financial Officer, Peter Dong, has agreed to become its new Chief Operating Officer.
The company also separated the roles of CEO and Chairman.
Dong will oversee the company's existing lines of business of its four Chinese subsidiaries and the Department of Human Resources.
The company announced changes to its internal management designed to improve corporate governance and allocate resources to streamline Tri-Tech's operations.
The company's joint CEO Gavin Cheng has agreed to become Chief Executive Officer. Cheng will formulate a new strategy to battle the current setbacks and seek future opportunities to fuel growth.
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Tri-Tech's current Chairman, Member of Board of Directors and Joint Chief Executive Officer Warren Zhao will become Chairman and Member of the Board. He will focus on leading the Board and enhancing corporate governance.
The company's President Phil Fan will become Chief Financial Officer, and President of international subsidiaries/affiliates. He will focus on improving cash flow management and strategic planning and will manage the Department of Accounting 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.
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"In addition to these operational changes, I have resigned as Joint Chief Executive Officer because we believe shareholders will benefit from separating the roles of CEO and Chairman of the Board of Directors," said Zhao.
TRIT is trading down 5.45% at $2.08 on Friday. The stock has been trading between $1.52 and $9.95 for the past 52 weeks.