Wang Junzhou [Xinhua]
Gome Electrical Appliances Holding Ltd, China's second-biggest electronics retailer by market value, appointed Executive Vice President Wang Junzhou as president after Chen Xiao resigned from the post.
Chen will remain as chairman and executive director, Gome said in a statement to Hong Kong's stock exchange today. Wang's appointment is effective immediately.
This "is part of the company's ongoing pursuit for the best corporate governance practice," the statement said. "The board believes that the separation of the chairman and president roles will further strengthen the management's effectiveness and efficiency."
Wang, 48, will oversee Gome's daily operations, including business strategies and annual budgets, the statement said. Wang, who has more than a decade's experience in sales and management in the electrical-appliance industry, joined Gome in 2001 and has held various positions.
Gome fell 0.4 percent to HK$2.49 at 2:14 pm in Hong Kong. The stock has fallen 11.7 percent this year, compared with a 5.1 percent drop in the benchmark Hang Seng Index.
