On Monday, Suning.com announced a board meeting decision that Zhang Jindong has resigned his title as Chairman of Suning.com but will continue to serve as the Honorary Chairman of the board of directors. In the meantime, Ren Jun will perform the duties of chairman temporarily before a new appointment is made.
The announcement praised Zhang’s achievements as the leader of the company, “As the founder of Suning.com, Zhang Jindong has been the core leader since the very beginning. He has unparalleled enterprise management practice, vast experience in the industry, and is a forward-thinking leader. He has been brave in reform and innovation and has made outstanding contributions to the development and growth of the company.”
Suning e-buy also reviewed and approved several other directors for the company, including: Huang Mingduan, nominated by Taobao, Xian Handi and Caoqun, nominated by Jiangsu Xinxin Retail Innovation Fund II (Limited Partnership); and Zhang Kangyang, nominated by Zhang Jindong, who is in the running to be the non-independent director of Sunning.com. “After the re-election of the board members, board members will be more diversified,” the announcement said.
Earlier in July, Suning.com introduced a new round of strategic investment. Jiangsu SASAC (State-owned Assets Supervision and Administration Commission) and Nanjing SASAC (State-owned Assets Supervision and Administration Commission) set up the Jiangsu Xinxin Retail Innovation Fund II to acquire 16.96% equity of Suning.com at a price of 5.59 yuan per share. Alibaba, Haier Group, Midea Group, TCL and Xiaomi were also involved in the financing.