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Mengniu names new CEO

Updated: 2012-04-13 17:41


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China Mengniu Dairy Co Ltd announced Thursday that it has appointed Sun Yiping as its new chief executive officer (CEO), replacing Yang Wenjun, whose second tenure expired, according to a statement posted on the company's website.

The statement said the company's constitution has limited CEOs to serve at most two terms. Yang, CEO of Mengniu since 2006, remains as the company's vice chairman of the board.

Sun was formerly deputy general manager of COFCO Property (Group) Co Ltd under China National Cereals, Oils and Foodstuffs Corporation (COFCO), the nation's largest food manufacturer.

The State-owned COFCO group is also Mengniu's biggest shareholder, claiming 28.09 percent of the latter's stake.

Meanwhile, non-executive director Ma Wangjun has resigned and Jiao Shuge was repositioned as independent non-executive director of Mengniu.

Mengniu, first bogged by its melamine-contaminated milk powder in 2008, has been scandal-ridden since. Analysts say COFCO's take-over may lead to an overhaul for Mengniu, which could eventually help it regain its past glory.