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Shanghai Jahwa shareholders vote off board member
Online Edition
A MAJORITY of Shanghai Jahwa United shareholders passed a motion today to dismiss former general manager Wang Zhuo from the company’s board of directors.
Wang was removed as general manger of the personal care company in mid May after a long-standing boardroom conflict between the management team and Jahwa's major shareholder Ping An Insurance.
Wang was removed from his position for "failure in internal control measures." Chairman Xie Wenjian has taken the role of acting general manger since then.
Xie earlier this week said the dismissal of Wang fits corporate governance procedures and that conflicts between shareholders and management are normal.
Wang posted an open letter last week stating he did everything right to ensure business growth in the past year under difficult market conditions.
Shanghai Pingpu Investment, a subsidiary of Ping An Insurance (Group), purchased Shanghai Jahwa for 5.1 billion yuan (US$820 million) in 2011.
However, Ping An has had a series of conflicts over whether Jahwa should expand into the fashion industry rather than just selling personal care items.
Shares of Shanghai Jahwa jumped 5.02 percent today to 33.92 yuan as the company?s crisis appears to be over.
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