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Boardroom dispute ends with resignation
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A boardroom dispute between Ge Wenyao, chairman of Shanghai-listed Jahwa United, and the company’s major shareholder Ping An Insurance came to a close with the resignation of Ge yesterday.
Ge, 65, a Jahwa veteran who worked at the cosmetics firm for nearly 30 years, submitted his resignation “on concerns over age and health conditions,” Jahwa United said in a statement yesterday. His term was due to last until the end of 2015.
The dispute arose after Ping An Insurance turned down Ge’s proposal to invest in Seagull Watch, a 58-year-old fading domestic watch brand.
Zhao Yuefeng, an analyst at Orient Securities, said Ge’s resignation will not greatly impact Jahwa’s performance because younger executives have been running Jahwa’s operations.
“This seems to be an inevitable conclusion to the dispute between Ge and Ping An, although it comes as a bit of a surprise,” Zhao said. “But there have been already sufficient time to make personnel arrangements, and Jahwa’s business decisions have not been made by Ge alone.”
In June, Ge was removed as chairman of Shanghai Jahwa Group, the parent of Jahwa United, after he was accused of misusing the company’s funds when Jahwa was arranging benefits for its employees in order to attract and retain professionals at the company.
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