Meng Wanzhou, chief financial officer of Huawei, has been named as the new rotating chairwoman of the Chinese tech giant, replacing Guo Ping as one of the three rotating chairpersons of the company. Accordingly, Guo Ping was transferred to serve as chairman of Huawei’s supervisory board. So far, Huawei has three rotating chairpersons: Eric Xu, Ken Hu and Meng Wanzhou (Sabrina Meng).
For Huawei, the board of directors is the highest institution responsible for the company’s strategy, management and customer satisfaction, while the rotating chairperson serves as the top leader of the company during his or her duty period, which rotates every six months.
Meanwhile, Ken Hu will assume the position of rotating and acting chairman of Huawei from April 1, 2022 to September 30, 2022.
The recent appointment stems from a general election of Huawei’s supervisory board held on Friday. During this time, firm officials elected the chairperson, supervisors and alternate supervisors of the board. A Huawei spokesperson said that the company is committed to optimizing its internal governance structure, and the change of the supervisory board is part of corporate governance. The supervisory board exercises the authority of oversight on behalf of the company’s shareholders.
According to Huawei’s official website, Meng joined Huawei in 1993, and since 2003 she has led the establishment of Huawei’s globally unified financial organizational structure, processes, regulations, and IT platforms. From 2007 to 2014, she implemented the Integrated Financial Services (IFS) Transformation Program across the company’s global operations. Since 2019, she has developed a blueprint for the digital transformation of finance based on the company’s strategic vision and long-term development plan.
“Huawei’s scale has become smaller, but our profitability and cash flow acquisition ability are increasing, and the company’s ability to cope with uncertainty is constantly improving,” Meng said at the company’s annual report conference held on March 28.
“The last time I attended Huawei’s financial report press conference was four years ago. In the past four years, the world has changed a lot, so has China. In the past few months when I returned to China, I have been studying hard to keep up with these changes,” she added.
Meng was arrested under fraud charges on December 1, 2018 in Vancouver, Canada, where she was then placed under house arrest. She was released from house arrest and allowed to return to China on September 25, 2021, marking the end to a three-year diplomatic standoff between China, the U.S. and Canada.