SEEK hires CEO for lossmaking Chinese unit
- 01 November, 2010 18:14
Online employment company SEEK (ASX:SEK) has appointed a new CEO to its lossmaking Chinese venture Zhaopin.
Evan Guo, formerly CEO of Shanghai-listed transport and logistics company Sinotrans Air Development, has been hired with immediate effect.
Guo also spent more than seven years at McKinsey & Co's Chinese branch, and has an MBA from the USA's JL Kellogg Graduate School.
SEEK, which owns a 56.1% stake in Zhaopin, let go of the recruitment company's former CEO in July and had been hunting for a replacement since then.
SEEK first bought into Zhaopin in 2006, and acquired a controlling stake in 2008. The venture has been losing money since SEEK became a majority owner, and reported a $3.8 million net loss in FY10.
But this was a substantial improvement on the $17.3 million loss in FY09, and revenue also improved by 32% over the period.
In August, SEEK told investors it remained confident of Zhaopin's earnings potential despite its run of losses.
SEK shares on Monday closed 1.38% higher to $7.330.