AirNet faces upheaval as senior management team undergoes drastic changes

In Beijing on December 13, 2024, AirNet Technology Inc., previously known as AirMedia Group Inc., announced a change in its senior management team. Two directors, Ms. Fuying Yan and Ms. Tong Lin, tendered their resignations for personal reasons, effective immediately. Their departures were confirmed to be amicable, devoid of any disagreements regarding the company’s operations or policies. Ms. Yan also stepped down as the co-chief executive officer on the same day. Following these developments, Mr. Yuan Feng was appointed as the new co-chief executive officer and a member of the Board. Mr. Feng had considerable prior experience, having served as the deputy director for the European and American business department at Huayou New Energy Technology Co., Ltd., and holding prior positions at the Royal Emirates Investment Authority and China Central Television. Alongside Mr. Feng, Ms. Yanxiao Zhu was appointed as an independent director of the Board. Her previous experience includes a role as finance business partner at Goodman Fielder and accounting positions at various companies. The board's chairman, Mr. Herman Man Guo, expressed enthusiasm over the appointments, suggesting a hopeful future for the company under this new management structure. This shift is significant for AirNet, indicating a potential strategic pivot as it seeks new leadership to guide its operations and response to market challenges. The changes come during a period of transition for the company, which aims to strengthen its position within the competitive landscape. The announcement occurs while the company continues to pursue growth opportunities and engage in discussions about future directions with the new leadership team.