21Vianet Announces Tim Chen as Chief Strategy Officer

Rhea-AI Summary

21Vianet Group, Inc. (Nasdaq: VNET) announced that Tim Chen will join as Chief Strategy Officer in August 2020. With over 20 years in finance and experience at Morgan Stanley and J.P. Morgan, Chen aims to enhance the company's international mergers, acquisitions, and investor relations. His appointment is expected to drive growth in 21Vianet’s dual-core strategy for retail and wholesale data center services. Recent investments include US$150 million from Blackstone and US$200 million from Goldman Sachs, aiding the company's expansion in China's data center market.

Positive

• Tim Chen's appointment strengthens the management team.
• Expertise in mergers and acquisitions can drive growth.
• Recent investments of US$150 million and US$200 million enhance capital for expansion.

Negative

• None.

BEIJING, Aug. 05, 2020 (GLOBE NEWSWIRE) -- 21Vianet Group, Inc. (Nasdaq: VNET) (“21Vianet” or the “Company”), a leading carrier- and cloud-neutral Internet data center services provider in China, today announced that Mr. Tim Chen will join the Company as its Chief Strategy Officer in August 2020.

A seasoned finance executive with over 20 years of experience in mergers and acquisitions, corporate finance, and investment strategies, Mr. Chen brings a wealth of expertise in negotiating and executing complex deals and managing large, cross-functional teams.  

Mr. Chen will be responsible for the Company’s international mergers and acquisitions, corporate finance, and investor relations activities, supporting the management team to help drive the Company’s growth.

“Tim will significantly strengthen the capabilities of the senior management team and help to guide 21Vianet into a new phase of growth. He has the business acumen to evaluate investment opportunities and a successful track record in driving deals to fruition. We are excited to have him on board as we look to identify and develop new models of data infrastructure to benefit businesses and individuals,” said Josh Chen, Founder and Executive Chairman, 21Vianet.

“I am thrilled to join this dynamic team led by a visionary leader. With the abundance of opportunities in China being accelerated by digital trends, 21Vianet’s ‘dual-core’ strategy in retail and wholesale data center services has enormous potential to drive growth and offer its customers innovative solutions. I look forward to helping take the lead in advancing 21Vianet’s position and growth in the market,” said Tim Chen. 

Prior to joining 21Vianet, Mr. Chen spent 14 years in prominent investment banking and private equity firms, including eight years at Morgan Stanley and four years at J.P. Morgan, followed by over a decade at a private logistics company as its Chief Financial Officer. Mr. Chen received a Bachelor of Science degree in Industrial Engineering and Operations Research from Columbia University in New York.

21Vianet has been expanding its data center capacity and footprint in the market by partnering with global banks and financial institutions to raise capital and expand its network. In June, the Company received US$150 million in investment from funds managed by Blackstone, and, in February, the Company received a US$200 million investment from a group of investors led by Goldman Sachs Asia Strategic Pte. Ltd.    

About 21Vianet 

21Vianet Group, Inc. is a leading carrier- and cloud-neutral Internet data center services provider in China. 21Vianet provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security and speed of its customers' Internet infrastructure. Customers may locate their servers and equipment in 21Vianet's data centers and connect to China's Internet backbone. 21Vianet operates in more than 20 cities throughout China, servicing a diversified and loyal base of nearly 5,000 hosting and related enterprise customers that span numerous industries ranging from Internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.

Investor Relations Contacts:

21Vianet Group, Inc.
Rene Jiang
+86 10 8456 2121
IR@21Vianet.com

Julia Jiang
+86 10 8456 2121
IR@21Vianet.com

ICR, Inc.
Xinran Rao
+1 (646) 405-4922
IR@21Vianet.com

FAQ

Who is the new Chief Strategy Officer of VNET?

Tim Chen has been appointed as the Chief Strategy Officer of 21Vianet Group, Inc.

What experience does Tim Chen bring to VNET?

Tim Chen brings over 20 years of experience in finance, mergers and acquisitions, having worked at Morgan Stanley and J.P. Morgan.

What is the recent investment received by VNET?

21Vianet recently received US$150 million from Blackstone and US$200 million from Goldman Sachs.

How will Tim Chen impact VNET's strategy?

Tim Chen is expected to enhance VNET's international mergers, acquisitions, and investor relations, driving growth.

What is VNET's dual-core strategy?

VNET's dual-core strategy focuses on retail and wholesale data center services to capitalize on digital trends in China.