CHINA: Dairy group Mengniu switches CEO
China Mengniu Dairy, the country's largest dairy group, has promoted Sun Yiping to the role of CEO.
Sun Yiping, an executive director of Mengniu, will take up the role with immediate effect, replacing Yang Wenjun. Yang steps down after leading Mengniu for two consecutive terms since 2006. He will remain as a vice chairman on the board.
According to Mengniu's group policy, a CEO can only have a term limit of two terms, it said.
"The board and Mr. Yang confirmed that they have no disagreement with each other and there is nothing relating to Mr. Yang's resignation as CEO of the group which is required to be brought to the attention of the shareholders of the company," the company said.
Sun has over 20 years of experience in the food and beverage industry having worked at China's state-owned COFCO Group and being involved in COFCO's investment in Coca-Cola's bottling business.
Chinese dairy giant Mengniu has denied rumours it is set on acquiring Modern Farming, a major domestic raw milk supplier based in the eastern Anhui province....
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