New CFO at Universal Travel Group


SHENZHEN, China – Universal Travel Group’s chief financial officer, Mr. Yizhao Zhang, resigned for personal reasons on August 16, 2010, which was the first anniversary of his employment and the expiration of his employment agreement with the company. Mr. Jing Xie will serve as interim chief financial officer, effective August 17, 2010, until the company selects a permanent replacement.

Mr. Xie has been serving as the company’s director and secretary since December 29, 2006. Mr. Xie served briefly as the company’s chief financial officer from February 13, 2009, to August 17, 2009. From March 2005 to December 29, 2006, he served as a deputy general manager of the Shenzhen Yu Zhi Lu Aviation Service Company Limited. Mr. Xie graduated from the economics and busienss faculty of the University of Sydney, Australia, with a bachelor of commerce degree.

“We appreciate Mr. Zhang’s contributions as our chief financial officer over the last year, which was a period of rapid growth for our company,” stated Ms. Jiangping Jiang, chairwoman and chief executive officer. “We are committed to finding a highly-qualified replacement to serve as chief financial officer to lead our finance team. In the interim, with the appointment of Mr. Xing, we believe we will have continuity in our financial reporting and business operations due to his experience of having served as chief financial officer of Universal Travel Group in the past.”

Universal Travel Group is a travel services provider in China offering package tours, air ticketing, and hotel reservation services online and via customer service representatives. According to the company, Mr. Zhang’s resignation is not in connection with any known disagreement with the company on any matter.