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Sino-Forest CEO Exits

Sino-Forest Corporation (TRE.TO) over the weekend announced that Allen Chan had "voluntarily" resigned as Chairman and Chief Executive Officer, pending completion of the review by the Independent Committee of the allegations made by Muddy Waters.

The board appointed William Ardell, Chairman of the Independent Committee, to the role of Chairman and Judson Martin, Executive Director and Vice-Chairman of the company, to the role of CEO.

The company said Chan will become Founding Chairman Emeritus and will be fully available to assist Martin with operational matters and with the Independent Committee review as requested. It added Chan had expressed his willingness to step aside prior to the issuance on the morning of August 26, 2011, of a cease trade order by the Ontario Securities Commission.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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