The CFO and deputy general manager of Chinese infant formula firm Beingmate Baby and Child Food, Shen Lijun, has resigned, the company has announced.
Beingmate’s board said in a statement the resignation, effective 31 May, was for “personal reasons” but gave no details.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
However, the statement said the move “will not affect the company’s normal production”.
Beingmate will start procedures for the appointment of a new CFO “as soon as possible”, the statement said.
Last February, Beingmate reported a loss of CNY798m (US$117m) for 2016, a year that saw the company’s profit hit by a counterfeiting racket and ongoing upheaval in the Chinese formula sector.
In May, first-quarter net profit reported by Beingmate were down 81.8% at CNY10.9m (US$1.6m).
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAlso last month, Beingmate said it had set up an Australian unit, Guangdasheng (Australia), through which to carry out its acquisition of a stake in a local plant owned by Fonterra. According to a regulatory filing, Beingmate is using Guangdasheng to acquire 51% of a Fonterra plant in Darnum in the Australian state of Victoria.
