Suning.com Completes Board Reshuffle and Executive Appointment
On April 6, Suning.com, a Chinese e-commerce platform, held an extraordinary shareholders’ meeting at its headquarters in Nanjing. The purpose of the meeting was to confirm the members of the eighth board of directors and supervisory board. With this new core management team in place, it is expected that Suning.com will be able to unleash its internal organizational vitality after experiencing a financial crisis in 2021.
During the meeting, Ren Jun was elected as both Chairman and CEO of the company. The board of directors also appointed Hou Enlong as Senior Vice President, responsible for talent development and cadre management; Lu Yao as Vice President, in charge of marketing management; and Zhou Bin as the financial officer. Additionally, several young employees were promoted to executive positions in product development, channel management, regional operations, and customer service.
Ren joined Suning in 1999 at the age of 22. During his tenure, he held various leadership positions including Vice President of Suning.com where he oversaw technology and financial planning. Additionally, Ren served as a board secretary and director of the company. Zhang Jindong, one of the founders and current honorary chairman of Suning.com, regarded Ren as an executive who had a deep understanding of the company’s strategy.
Over the last three decades, Suning.com has transformed from a store specializing in air conditioning to a full-fledged electronics chain. It has also diversified its retail channels both online and offline. However, starting from the latter half of 2020, it faced financial difficulties with its capital chain which led to changes in equity ownership and management teams.
Suning.com has announced its commitment to enhancing its retail service provider strategy. The company will focus on improving supply chain capabilities with exclusive products as the core advantage, and operational service capabilities with localized retail as the primary advantage. It aims to provide users with high-quality products and services while offering suppliers more valuable brand promotion opportunities and lower-cost channel sales services.
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Suning.com aims to enhance its digital capabilities for cost reduction and efficiency improvement. The business units will transition from single-category management to scenario-based operations. Furthermore, it plans to expand franchise stores in third- and fourth-tier cities.
In early March, Suning.com declared that its primary objective for expanding new channels is to maintain its position as a “retail service provider” and enable merchants to benefit from the advantages of new channel expansion. By 2023, it aims to establish several new channels on platforms such as Douyin, Pinduoduo, and communities. For instance, it plans to introduce 1,000 home appliances in its flagship store in Douyin by 2023 through high-quality short videos and live-streamings at affordable prices.
