Reshuffle of Gome's top execs completed
By Pan Xiaoyi |
June 29, 2010, Tuesday
|
Print Edition
Print Edition
GOME Electrical Appliances Holding announced yesterday that Chen Xiao has resigned as president but would remain as chairman now that "the crisis of the group" is over.
Wang Junzhou, executive director and executive vice president of the company, will be appointed president to replace Chen, Gome said in a statement filed to the Hong Kong stock exchange.
Chen became acting chairman and then chairman of Gome after former chairman Huang Guangyu was detained in November 2008 on charges of insider trading and offering bribes - the "crisis" referred to by the company.
Last month, Huang, once Chinese mainland's richest man and the founder of Gome, was sentenced for 14 years in jail after being convicted of illegal business dealings, insider trading and bribery.?
The company has since mapped out new strategies including shutting down non-performing outlets and accelerating its e-commerce to boost profit. It targets a turnover of 180 billion yuan (US$26 billion) by 2014.
Before joining the group, Chen was co-founder, president and chairman of China Paradise Electronics Retail which was acquired by Gome in 2006.
Wang has been Gome's executive vice president since November 2006 and executive director since December 2008.
Under Hong Kong stock exchange rules, the roles of chairman and president should be separate and not performed by the same individual.
Wang Junzhou, executive director and executive vice president of the company, will be appointed president to replace Chen, Gome said in a statement filed to the Hong Kong stock exchange.
Chen became acting chairman and then chairman of Gome after former chairman Huang Guangyu was detained in November 2008 on charges of insider trading and offering bribes - the "crisis" referred to by the company.
Last month, Huang, once Chinese mainland's richest man and the founder of Gome, was sentenced for 14 years in jail after being convicted of illegal business dealings, insider trading and bribery.?
The company has since mapped out new strategies including shutting down non-performing outlets and accelerating its e-commerce to boost profit. It targets a turnover of 180 billion yuan (US$26 billion) by 2014.
Before joining the group, Chen was co-founder, president and chairman of China Paradise Electronics Retail which was acquired by Gome in 2006.
Wang has been Gome's executive vice president since November 2006 and executive director since December 2008.
Under Hong Kong stock exchange rules, the roles of chairman and president should be separate and not performed by the same individual.
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