Chinese infant formula manufacturer Synutra International has announced the resignation of CFO Donghao Yang.
Synutra said Yang had stepped down with immediate effect to “pursue another professional opportunity”.
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Yang said there had been no disagreements with management and he will serve on the company’s board.
Synutra president and COO Weiguo Zhang will serve as interim CFO as the company looks for a replacement.
“On behalf of management, I would like to thank Mr. Yang for his dedication, expertise and integrity as our chief financial officer,” said Synutra chairman and CEO Liang Zhang.
“We are pleased to continue working with him as a fellow member of the board and believe his proven financial expertise and deep knowledge of the Company will make him a valuable asset to our board.”
Yang said: “I greatly value the opportunity I have had to work with Synutra’s management and I am confident in the management team’s abilities to continue driving Synutra’s future growth. I look forward to continuing to contribute to that growth as a member of the board.”
Earlier this month, Synutra posted a first-quarter loss as a decision to stop selling industrial milk powder hit sales. Net losses reached US$9.6m for the quarter ended 30 June.
