Reshuffle of Gome's top execs completed
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Hong Kong-listed Chinese electronics retailer Gome Electrical Appliances said Monday Chen Xiao, Gome Chairman and President since January of 2009, had resigned as President but would remain as Chairman "with the crisis of the Group now over."
Chen would also be an Executive Director of Gome, and 48-year- old Wang Junzhou, currently an Executive Director and Executive Vice President, was named Gome's President in replacement, Gome said in a statement filed to the HK stock exchange.
The roles of the Chairman and President of Gome Electrical Appliances are separate and not be performed by the same individual as required under rules of the Hong Kong stock exchange, it said.
Chen, 51, was appointed as Gome Chairman on Jan. 16, 2009 shortly after being appointed as Acting Chairman on Nov. 27 of 2008, after former Gome chairman Huang Guangyu was detained by Beijing police in suspect of illegal business dealings, insider trading and corporate bribery.
According to the statement, Chen didn't have any relationship with any director, senior management or substantial or controlling shareholder of Gome, and he currently held 206,061,228 Gome shares and 22,000,000 options to subscribe for shares in Gome.
Wang has been Gome's Executive Vice President since November 2006 and an Executive Director since Dec. 23 of 2008, it added.
Huang Guangyu was sentenced to 14 years in prison last month in Beijing after being convicted of illegal business dealings, insider trading and corporate bribery.
At the Beijing No. 2 Intermediate People's Court, Huang was also fined 600 million yuan (88.4 million U.S. dollars) and received an order for the seizure of 200 million yuan worth of assets.
Huang built Gome into China's biggest appliance retailer and was listed by the Hurun Report as China's richest man in 2004, 2005 and 2008.
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