Ex-Jahwa chairman backs former GM
Print Edition
THE former chairman of Jahwa United, Ge Wenyao, yesterday spoke up for the company’s former General Manager Wang Zhuo, who faced apparent “persecution” by the board of directors.
“I’m proud of Wang for what he did, and what they (the board of directors) did was apparently persecution,” Ge, 66, who submitted his resignation at the end of last year after working at Jahwa for nearly 30 years, said in his official microblog post.
His support for Wang came amid a long-running boardroom conflict between the management and Jahwa’s major shareholder, Ping An Insurance.
Jahwa said in a stock exchange filing in May that Wang was dismissed as general manger for failings in internal control measures. Chairman Xie Wenjian will take over as general manager for the time being.
Jahwa will hold a shareholders’ meeting later this week to vote on the dismissal of Wang as a director.
Wang posted an open letter last week that he did everything right to ensure a healthy business growth in the past year under difficult market conditions. He instead blamed the major shareholders for their overconfidence in their ability to lead the company into a high growth period.
A 24-year company veteran, Wang reiterated that Jahwa needs an independent board of directors to truly serve the interest of shareholders and to ensure healthy development.
Jahwa had said it aimed for annual sales of 12 billion yuan (US$1.9 billion) by 2018, nearly tripling the 4.5 billion yuan revenue last year.
Yang Hai, an analyst with Kaiyuan Securities, said Jahwa faces uncertainties in its development as Ge and Wang were core leaders in the company.
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