AGi – The era of Zhang Jindong at the head of the retail giant Suning.com ends. Zhang has stepped down from the post of president and will take up the post of honorary president. The resignation was announced by Suning.com itself in a note to the Shenzhen Stock Exchange, in which it is added that the functions of president will be carried out temporarily by Ren Jun, a member of the board of directors (and of the board of Inter Milan).
The succession of son Steven
The statement states that Zhang Jindong has nominated his son Zhang Kangyang (Steven Zhang) as a non-independent director. In accordance with the Articles of Association of Suning.com, Zhang Jindong will continue to perform the functions of the Company’s legal representative until the Company determines a new legal representative. Steven Zhang is one of four candidates for the role of CEO. The candidates will be presented at the fourth extraordinary general meeting of the Company in 2021 for the election which will take place with the cumulative voting system.
It is decided on July 29th
Zhang Jindong will continue as legal representative until a replacement is found to lead the Chinese retail giant: the change at the top is subject to the approval of the shareholders, expected on 29 July next. The 58-year-old owner of Suning.com lost control of the group after selling a 16.96% stake to a state-funded consortium that includes large groups such as Alibaba, Midea, Haier and Xiaomi for $ 1.36 billion. .
Suning.com’s woes escalated in September when Zhang participated in the rescue of Evergrande Group from a liquidity crisis, and Suning.com had suffered from a drop in sales due to the slowdown in domestic consumption after the outbreak of the Covid-19 epidemic.
Last month, a court in Beijing had frozen three billion yuan (464 million dollars) of shares held by Zhang, or 5.8% of the group, causing the value of the stock to collapse on the lists. Creditors reached agreement to extend a bond of Suning Appliance Group, owned by Zhang, which has a net worth of $ 1 billion, according to Bloomberg’s latest estimates, a figure far from the peak of 11.5 billion estimated in June 2015.