MagIndustries Corp., Toronto, said Jan. 19 that CEO Rich Morrow has resigned and has accepted a new role at the company as director of investor relations and corporate development. The transition is effective Feb. 15, 2012. Following that date, Longbo Chen, MagIndustries’ Co-CEO, will take over the role as sole CEO.
Mag says Chen has 27 years experience in project investment in African, Asian, and Middle Asian developing countries. Prior to joining Mag in 2011, he had been vice chairman and CEO of an A-share listed company in China for 12 years. He has business and personal experience in capital markets, project finance, and project management. Chen holds a Ph.D. in Management from Xi’an Jiaotong University, and a Master of Public Management degree from Carnegie Mellon University.
Chen came to Mag after it was taken over by Chinese-owned Evergreen Industries Group in 2011. Mag is involved in potash development in the Republic of Congo.