Cathay Announces Two New Board Directors

Rhea-AI Summary

Cathay General Bancorp (Nasdaq: CATY) has elected Ann Yee Kono and Elizabeth Woo as new members of the Board of Directors at the Company and Cathay Bank. The elections took place during the Annual Stockholder’s Meeting on May 13, 2024, and a subsequent Board meeting. Ann Yee Kono, CEO of Leda Advisory Group, has a rich background in finance with over 25 years of experience, including tenure at Ares Management Elizabeth Woo, a Lecturer of Accounting at UCLA, brings over 20 years of expertise in accounting and auditing, having held senior positions at Crowe and BDO. Executive Chairman Dunson K. Cheng expressed confidence in their strategic insights and contributions to Cathay’s growth.

Positive

• Cathay General Bancorp elected two highly experienced directors to its Board, potentially strengthening leadership.
• Ann Yee Kono has over 25 years of experience in finance, including roles in risk and technology management.
• Elizabeth Woo has extensive experience in accounting and auditing, which could improve financial oversight.
• The new board members bring a blend of strategic and tactical insights, beneficial for Cathay’s future growth.

Negative

• No immediate financial gains or performance improvements were mentioned in the PR.
• The announcement focuses on leadership changes, offering no updates on business performance or financial results.

LOS ANGELES--(BUSINESS WIRE)-- Cathay General Bancorp (the “Company”, Nasdaq: CATY), the holding company for Cathay Bank (the “Bank”), elected two new members, Ann Yee Kono and Elizabeth Woo, to the Board of Directors of the Company and the Bank respectively at the Company Annual Stockholder’s Meeting on May 13, 2024, and the Bank’s Board of Directors meeting held yesterday.

Ann Yee Kono is the founder and Chief Executive Officer of Leda Advisory Group, a management consulting firm that partners with asset managers to advise on growth and scale. Prior to Leda, among her many accolades, Ms. Kono spent 11 years at Ares Management Corporation (“Ares”), a global alternative investment manager operating in the credit, private equity, and real estate markets, where she held the position of Chief Information and Risk Officer and oversaw Ares’ operational, investment, and enterprise risks. Prior to that role, Ms. Kono also held the positions of Chief Technology Officer and Head of Operations at Ares. Ms. Kono has over 25 years of experience in the finance industry focused on operational scale and digital transformation and holds a Master of Business Administration degree in Finance.

Elizabeth Woo is a Lecturer of Accounting at the University of California, Los Angeles (UCLA). Ms. Woo spent over 20 years in the accounting and financial services sector and has accumulated extensive business, accounting, and auditing acumen from her tenure at public accounting firms. Prior to her academic endeavors, Ms. Woo previously served as the Head of Audit Methodology and Managing Director at Crowe, LLP and was a Senior Manager in the National Assurance Office of BDO, LLP. Ms. Woo holds a Master of Business Administration degree and is a Certified Public Accountant.

“I am pleased to welcome the two new members to the Board,” says Dunson K. Cheng, Executive Chairman of the Board. “Ann is a seasoned c-suite executive with tactical and strategic insights and a strong track record of risk management, and Elizabeth comes with a deep knowledge and understanding of data analytics and audit oversight. Their expertise and fresh perspectives are invaluable to us. We are excited to have them on board and look forward to their contribution at Cathay.”

ABOUT CATHAY GENERAL BANCORP

Cathay General Bancorp is a publicly traded company (Nasdaq: CATY) and is the holding company for Cathay Bank, a state-chartered bank. Cathay General Bancorp’s website is at www.cathaygeneralbancorp.com. Founded in 1962, Cathay Bank offers a wide range of financial services and currently operates over 60 branches across the United States in California, New York, Washington, Texas, Illinois, Massachusetts, Maryland, Nevada, and New Jersey. Overseas, it has a branch outlet in Hong Kong, and a representative office in Beijing, Shanghai, and Taipei. To learn more about Cathay Bank, please visit www.cathaybank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240517081423/en/

Cathay General Bancorp

Heng W. Chen

(626) 279-3652

Source: Cathay General Bancorp

FAQ

What changes did Cathay General Bancorp announce on May 13, 2024?

Cathay General Bancorp announced the election of Ann Yee Kono and Elizabeth Woo to its Board of Directors.

Who are the new members elected to the Cathay General Bancorp Board of Directors?

Ann Yee Kono, CEO of Leda Advisory Group, and Elizabeth Woo, a Lecturer at UCLA, were elected.

What expertise does Ann Yee Kono bring to Cathay General Bancorp?

Ann Yee Kono has over 25 years of experience in finance, risk management, and digital transformation.

What is Elizabeth Woo’s background before joining Cathay General Bancorp?

Elizabeth Woo has over 20 years of experience in accounting and auditing, previously serving at Crowe and BDO.

How might Ann Yee Kono and Elizabeth Woo's appointments impact Cathay General Bancorp?

Their extensive experience in finance and accounting could enhance strategic decision-making and financial oversight.