On the evening of October 10, the board of directors of Mengniu announced that Lu Minfang resigned as the company's executive director, vice chairman of the board of directors and members of several committees from October 10. Since becoming president of Mengniu in 2016, Lu Minfang has served the company for eight years. In March of this year, he was promoted to vice chairman and stepped down as president, and was replaced by Gao Fei.
Regarding the resignation, Mengniu announced that Lu Minfang hopes to devote more time to personal affairs and family. There is no difference of opinion between him and the Board and there is no matter of concern to shareholders or the Stock Exchange of Hong Kong. The Mengniu Board of Directors would like to express its heartfelt gratitude to Lu Min for her outstanding leadership and valuable contributions during her tenure.
At the same time, Mengniu's Board of Directors announced the appointment of Wang Xi as a non-executive Director. Aged 40, Mr. Wang has extensive strategic and investment experience and has held various senior positions at COFCO. His addition will bring a new strategic perspective and investment wisdom to Mengniu.
Mr. Lu Minfang
Looking back on Lu Min's career in Mengniu, he profoundly shaped the face of China's second-largest dairy company. He emphasized the wolf gene, promoted the adjustment of the organizational structure, and created an independent and professional business segment to bring Mengniu closer to consumers. At the same time, he stepped up the pace of mergers and acquisitions, expanded the business territory, and carried out a large number of asset rotations. Under his leadership, Mengniu has achieved rapid growth in performance and successfully established a long-term growth structure for modern corporate governance.
Lu Minfang also made a summary of the gains and losses of some "big moves" during his tenure. He believes that the operation of the acquisition business needs to be improved, and management talents should be exported to quickly take over the acquisition business and improve performance. At the same time, we should be more resolute in the development and investment of new brands, and more decisive in the allocation of resources for the whole group. Despite the challenges, he believes Mengniu has the ability to navigate through the industry cycle and become bigger and stronger.
With the resignation of Lu Minfang, Mengniu will usher in a new stage of development. In the future, it is worth continuing to pay attention to how Mengniu will continue to improve profitability, optimize its business structure and navigate the industry cycle. Lu Minfang will also start a new chapter in his career and continue to contribute to the FMCG industry.
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