WPP is parting ways with a board member — Hugo Shong — effective July 31. He has been on the board since 2010.
Shong is global chairman of IDG Capital and is credited with forming China’s first technology capital venture firm IDG Capital Partners, an offshoot of the Boston-based investment firm, back in the early 1990s.
That firm subsequently invested in a number of now well-known Chinese tech firms, including Ten Cent, one of the firms negotiating to acquire a stake in WPP’s portfolio of companies in China.
WPP said Shong’s departure was due to “additional commitments outside WPP and increased pressure on his time and availability.”
But the holding company also indicated that while he is stepping down, Shong “will continue to assist WPP’s businesses in China going forward.”
Interestingly, though Shong is exiting, another prominent Chinese business leader remains on the WPP board: Ruigang Li, a founder of CMC Capital Partners, the Shanghai-based media company involved in talks to acquire a piece of WPP’s China business.
In fact, reports have indicated that it was conversations between Li and former WPP CEO Martin Sorrell before the latter left in April that sparked ongoing conversations regarding the possible sale.