Jahwa ousts former GM from board
Print Edition
A majority of shareholders of Shanghai Jahwa United yesterday passed a motion to dismiss former General Manager Wang Zhuo from the board of directors.
The shareholders who held around 95 percent of Jahwa voted for the motion at the shareholders’ meeting early yesterday.
Shares of Shanghai Jahwa jumped 5.02 percent to 33.92 yuan (US$5.45) yesterday as investors felt relieved the crisis was finally over.
Wang was removed as general manger of the homegrown personal care company in mid-May after a long standing boardroom conflict between the management team and Jahwa’s major shareholder, Ping An Insurance (Group) Co.
Wang was dismissed for “failure in internal control measures” and Chairman Xie Wenjian acted as general manger since then.
Xie told a media briefing earlier this week that disagreements between shareholders and the management team were normal.
Wang posted an open letter last week to say he did everything right to ensure a healthy business growth in the past year under difficult market conditions.
Shanghai Pingpu Investment, a subsidiary of Ping An Insurance, took over the ownership of Shanghai Jahwa for 5.1 billion yuan in 2011.
However, Ping An disagreed with the management on whether Jahwa should expand into the fashion industry and include more consumer products besides selling personal care items.
Jahwa had said it aimed for annual sales of 12 billion yuan by 2018, nearly tripling its sales of 4.5 billion yuan last year.
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