Chinese parent company Zap Jonway has ousted top executives at California-based Zap, a maker of specialized electric vehicles. On the last day of 2012, Zap's board of directors removed Priscilla Lu as chairman and all other duties Lu had been responsible for at any of Zap's subsidiaries or joint ventures.
As part of the company's 8-K tax federal filing, Zap also announced removal of Goman Chong from all positions held on board committees, Michael Ringstad as controller and Charles Schillings as co-chief executive officer. Zap eliminated the dual positions of co-CEO and confirmed Alex Wang will serve as CEO until his successor is elected. Mark Abdou, current director of Zap, was elected by the board to the offices of chairman and secretary and Jeff Schneider will serve as president, until their successors are appointed.
Juan Gao and Luo Hua Liang were appointed to serve on the board of directors, also until their successors are elected. Other board of director members at Zap are Mark Abdou, chairman, Alex Wang, Steven Schneider, Priscilla Lu and Gorman Chong. More information on the management turnover was filed in an accompanying 8-K filing with the Securities and Exchange Commission.
Zap is best known for its three-wheel electric specialty cars, like the Zap Xebra, which has recently gone through two recalls with the National Highway Traffic Safety Administration for brake issues. The Santa Rosa, CA-based company entered the Chinese market about two years ago through its merger with Zhejiang Jonway Automobile Co. The companies created Zap Jonway and began producing four-wheel electric sport-utility vehicles for China's taxi industry.