Per editor: Cheng Peng, Gai Yuanyuan
Wu Yajun, who was once the "richest woman in China", resigned as chairman of the board of directors of Longhu Group, and Chen Xuping, an old employee of Longhu after the "post-80s", took over.
On the evening of October 28, Longfor Group issued an announcement that Wu Yajun resigned as executive director and chairman of the board of directors of Longfor Group, and then served as a strategic development consultant of Longhu. Chen Xuping, the current executive director and chief executive officer of Longfor Group, became the chairman of the board.
According to a report by Zhongxin Jingwei on the 28th, in the evening of the same day, Longhu Group held a partner meeting, and Wu Yajun attended the meeting and bid farewell to his old colleagues for many years. According to people familiar with the matter, because of eye surgery, Wu Yajun is still wearing sunglasses, "At the meeting, Wu mentioned that he will be 59 years old soon, and he has been beating fast heartbeat for a period of time, and he has not fully found out the reason until now, so he feels that he is not suitable to work again." ”
This is a handover between the new and the old. With the settlement of this handover, Longhu, a private enterprise, was handed over to Chen Xuping, a professional manager and "post-80s".
Wu Yajun Infographic Image source: Visual China
Wu Yajun talks about his resignation: I believe that Chen Xuping can bring a new world to Longhu
On October 28, 2022, Longfor Group announced that Chen Xuping, the current executive director and chief executive officer, became the chairman of the board, and the former chairman Wu Yajun stepped down as chairman due to age and physical reasons, and was appointed as the company's strategic development consultant.
In addition, Shen Ying, general manager of human resources, joined the board of directors as an executive director; Shao Mingxiao, Vice Chairman of the Board, was re-designated as a Non-executive Director; Xia Yunpeng was appointed as a non-executive Director of the Company.
Wu Yajun led Longhu Group from a corner of the southwest to the whole country and became the world's top 500. Shao Mingxiao has been with Longhu for 16 years and has been selected as the best CEO by Forbes China for two consecutive times. Now that the two are close to their age, the company is taken care of by a young management team, which means that the management of Longfor Group has successfully completed the handover.
The new chairman, Chen Xuping, is 40 years old, a post-80s graduate, graduated from Tsinghua University majoring in civil engineering, and is a "senior official student" of Longhu Group in 2008. After his experience as engineer, engineering manager, project general manager and head of investment and development department, he became the general manager of the Chengdu company at the end of 2016.
During Chen Xuping's tenure as general manager of the Chengdu company, Chengdu Longhu's real estate development sales increased from 5.3 billion yuan in 2016 to 18.023 billion yuan in 2020, and also realized the situation that commercial, guanyu, pension and other channels went hand in hand. In July 2021, Chen Xuping was appointed COO of Longfor Group and General Manager of Real Estate Waterway, and became CEO of Longfor Group at the end of February 2022.
Today, Chen Xuping has become the second chairman of the board of directors of Longfor Group in its 29 years since its founding, and the Wu Yajun era of Longhu is over. After the replacement of the old and the new, Chen Xuping will lead Longhu to face a more complex and changeable industry development environment. However, compared with other private housing enterprises, Longhu cultivates talents through the official student system, which solves the anxiety problem of new and old succession.
It is worth noting that after the appointment takes effect, Chen Xuping will serve as both chairman of the board of directors and chief executive officer. The Board considers that it is in the best interests of the Company at this stage to have the Chairman of the Board and the Chief Executive Officer concurrently serving as the Executive Officer, in the execution of the Group's business strategy and maximum operational efficiency. The Board will review this structure from time to time and consider separating the two positions in due course.
The "Daily Economic News" reporter learned that at the partners' meeting some time ago, Wu Yajun frankly admitted that he had some physical conditions recently, and he was not suitable for continuing to work, and he had not adjusted well in the past few months.
The physical condition became the catalyst for Wu Yajun's determination to hand over. "In fact, this handover process has gone through three or four years, so I think it is not abrupt for me and the management team management, everyone is prepared."
Wu Yajun said that for Longhu, this is not a founder's departure, not a loss, not a bad thing, but a bright and beautiful beginning. She also gave Chen Xuping a higher affirmation: "I believe that Xuping, as the chairman, can lead everyone and lead the board members to take a better development path after (the company) is handed over to him." I believe that he can bring a new world to Longhu, which is my inner conviction. ”
For the next step, Wu Yajun said: "Although I myself resigned as chairman, I am still a strategic consultant of this company, and I will continue to support and pay attention to the development of Longhu." If they have all kinds of questions, please feel free to consult me. I think the issues that need attention in the development of Longhu, I will definitely take the initiative to communicate with you. ”
De-"familialization"
According to Jingwei, at the partners' meeting on October 28, Wu Yajun talked about her past of leading a team to visit the United States in 2019, and specifically mentioned that she was overwhelmed by the relationship between Midea's founder He Xiangjian and chairman Fang Hongbo, believing that they had created a very good model for Chinese enterprises. "Mr. Wu's exact words are probably 'In the future, we must hand over the company to the professional manager team, not to the so-called successor of the family.'" The person familiar with the matter said. Wu Yajun then said that after this visit, she made up her mind and spent time thinking and preparing for three years, "Now it is also practice." ”
Wu Yajun Infographic Image source: Visual China
According to the Central Broadcasting Network, in fact, Chen Xuping's journey from school enrollment all the way to chairman is also the process of Longhu Group's de-"familyization" to deep institutionalization, which is exactly what Wu Yajun hopes to see.
In 2009, in order to reduce the color of the company's family business, Cai Kui, as one of the founders of the company, resigned as the vice chairman of the company and other company positions, starting the first step of "de-familyization" of Longfor Group; In August 2011, Wu Yajun announced his resignation as CEO and handed over to Shao Mingxiao to take over, taking a step forward in the process of "de-familyization"; Today, Chen Xuping has become the second chairman of Longfor Group since its establishment 29 years ago, marking a new stage of modern corporate governance in Longhu.
In Wu Yajun's view, Longhu should truly become an institutionalized company, get rid of the characteristics of the entrepreneurial period, and create deep institutionalization.
"The characteristic of a deeply institutionalized organization is that it does not depend on founders and elites, but is further collectivized and professionalized." Wu Yajun said.
Pull oneself up by one’s bootstraps
Born in Chongqing in 1964, Wu Yajun is one of the few female leaders in the real estate industry. In 1984, he graduated from the School of Navigation Engineering of Northwestern Polytechnical University with a bachelor's degree in torpedo thermal power plant design.
Longhu under the leadership of Wu Yajun is one of the more stable private housing enterprises in China. In the first half of the year, Longfor Group achieved operating income of 94.8 billion yuan, a year-on-year increase of 56%; The net profit after core equity was 6.6 billion yuan, a year-on-year increase of 6%, meeting the requirements of the "three red lines" indicator for six consecutive years, and is currently one of the demonstration housing enterprises that can issue bonds under the guarantee of China Debt Increase.
On October 21, Standard & Poor's updated its rating results for Longfor Group, maintaining its "BBB" rating with a "stable" outlook. According to statistics, there are currently only 7 "full investment grade" real estate enterprises in China, except for Longhu Group, which are China Overseas Development, China Resources Land, Vanke A, Poly Development, China Jinmao and Yuexiu Group.
She is the quintessential self-made entrepreneur.
Before Longhu, Wu Yajun had rich work experience. According to China Foundation Report, she worked as a mechanical engineer in a state-owned instrument factory; After that, he became a reporter for a newspaper sponsored by the Urban Construction Department of the Ministry of Construction and the Chongqing Municipal Construction Commission.
1993 became a turning point and starting point for Wuya's military industry. In this year, Wu Yajun established Chongqing Jiachen Economic Development Co., Ltd. and served as the company's chairman. In June 1995, it founded Chongqing Zhongjianke Real Estate Co., Ltd., and soon changed its name to Chongqing Longhu Real Estate Development Co., Ltd.
In the year when Longhu Real Estate was established, Wu Yajun developed his first real estate project Longhu Nanyuan in Chongqing, and in the following 10 years (by 2005), Longhu became the first real estate enterprise in Chongqing and even the entire southwest region to exceed 2 billion yuan in sales, and opened the road to nationalization.
In 2006, Longhu Real Estate rushed from Chongqing to the whole country, entered a period of rapid growth in scale, and exceeded 10 billion yuan in sales in 2007, ranking among the ranks of first-line real estate enterprises in the country; In 2009, Longfor Real Estate was listed in Hong Kong, and Wu Yajun's future wealth began; In 2017, Longhu exceeded 100 billion in sales.
With the development of Longhu Group, Wu Yajun has also topped the Hurun China Rich Women List several times. In the early years, Wu Yajun and her husband Cai Kui gave each other more than 20 billion Hong Kong dollars in assets when they divorced, which also attracted public attention.
Editor| Cheng Peng Gai Yuanyuan
Proofreader| Liu Xiaoying
Cover image source: Visual China
The daily economic news is synthesized from the Every Jing app (reporter: Wang Jiafei), China Central Broadcasting Network, Zhongxin Jingwei, Yicai, and China Fund News
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