Appointment of Acting CFO
Sydney, Mar 17, 2016 AEST (ABN Newswire) - Traditional Therapy Clinics Limited (
ASX:TTC) advises that Mr Zhonghan (John) Wu has resigned as its Chief Financial Officer, effective 17 March 2016 and that the Board has accepted his resignation.
Non-executive Director and Chairman of the Audit and Risk Committee, Mr Glen Lees, will assume the role of Acting Chief Financial Officer from today, until a replacement CFO can be found.
Mr Lees, a chartered accountant, is currently the CFO (and part owner) of Casual Dining Concepts, which owns and operates the Bondi Pizza chain of casual dining restaurants. He has held CFO roles in the Oporto business and has owned and operated a successful franchised business in the automotive industry. Glen has also worked for Coopers Lybrand in the Audit division and Horwath's in the Business Recovery & Insolvency Division.
Chairman, Andrew Sneddon said, "We thank Glen, who has a wealth of experience, for stepping into the role of Acting CFO. Glen will be supported by the Group Financial Controller based in Chongqing, China and the Board will commence a recruitment process for a new Chief Financial Officer shortly".
Both I and Jeff Fisher, will also make ourselves available to provide support to the business until a replacement CFO is found".
About Traditional Therapy Clinics Ltd
Traditional Therapy Clinics Limited (ASX:TTC) is a franchisor and the owner of one of the largest chains (by number of clinics) of traditional therapeutic health and wellness clinics in China. It currently has 343 franchised clinics and 35 owned clinics in operation. It is a well established business with a strong growth profile, employing a repeatable and scalable business model.
TTC has a highly recognised and respected brand, having received the prestigious Chinese Well-Known Trademark designation from the State Administration for Industry and Commerce. It operates within a strongly regulated industry sector of significant scale, which offers opportunity for further growth.
TTC is an ASX listed company employing around 1,000 staff across 27 of the 33 administrative divisions in China. More information is available at https://www.ttc-ltd.com/
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