Bona, China’s largest privately held distributor, said CFO Mason Xu will ankle after this year’s financial results are filed to join an unnamed China-based U.S. dollar equity fund.
Xu will remain in an advisory capacity to oversee the transition to a new CFO, Bona said in a statement, and the company has set up a search committee with topper Dong Yu and independent directors Qi Daqing and Jie Lian.
Xu’s move comes as the competition for senior execs heats up in China’s booming film business. He joined Bona in June 2010 and previously worked at China Digital TV Holding, CDH Venture Partners and Intel China.
Bona, which listed on the Nasdaq in 2010, distributes pics in the Greater China region. It owns and operates 11 movie theaters, has production interests and runs a talent agency.
“We are sure the fiscal discipline (Xu) helped to instill within the company will continue to benefit Bona as we build on the impressive growth of China’s film entertainment industry,” Yu said.
The committee has identified a number of candidates and expects to submit a final recommendation within the next month.
Bona has also formed a Strategy Committee to help further its mid- to longterm plans and this will include Yu, Hong Kong industryite Nansun Shi and Beijing Redbaby Info Tech CEO, Peixin Xu, one of China’s leading business figures.