Huang Mingduan Assumes the Chairman Role of Suning.com

suning
(Source: Suning.com)

Chinese retail platform Suning.com on Thursday evening announced that Huang Mingduan will be its new Chairman and one of the non-independent directors. Xian Handi, Cao Qun and Zhang Kangyang will also be its non-independent directors.

Meng Xiangsheng has applied to resign as Senior Vice President of the company and member of the Executive Committee of the company, the statement showed.

It is not surprising that Huang Mingduan, who was recommended by Taobao, one of the major shareholders of Suning.com, has become the new Chairman. On July 12, one week after announcing the introduction of financing, Zhang Jindong resigned his title as Chairman of Suning.com but would continue to serve as the Honorary Chairman of the board of directors. Huang Mingduan was the director of the strategy committee at that time, the same position as Zhang’s before he resigned.

Among the newly elected directors, Zhang Jindong, Taobao, and Jiangsu Xinxin Retail Innovation Fund II have nominated two notable names in the field respectively.

SEE ALSO: Zhang Jindong, Founder of Suning.com, Becomes Honorary Chairman

Earlier in July, Suning.com introduced a new round of strategic investment. Jiangsu State-owned Assets Supervision and Administration Commission (SASAC) and Nanjing SASAC set up the Jiangsu Xinxin Retail Innovation Fund II to acquire 16.96% equity of Suning.com at a price of 5.59 yuan per share. Alibaba, Haier Group, Midea Group, TCL and Xiaomi were also involved in the financing, which made Taobao directly holding 19.99% equity of Suning.com.