Chinese electronics and home appliances retailer Gome Electrical Appliances Holding Ltd. has announced that its chairman and executive director Chen Xiao has resigned his positions, replacing by Zhang Dazhong, founder of Dazhong Electronics.
The company also announced that Sun Yiding has resigned his position as executive director of Gome; however, Sun will continue to be vice president of the company. In addition, Gome appointed Li Gangwei, former partner of Ernst & Young, as its independent non-executive director. All these personnel changes became effective on March 10, 2011.
Gome's newly appointed chairman Zhang is the founder of Dazhong Electronics. At the end of 2007, Zhang sold Dazhong to Gome for CNY3.6 billion. After that he established a new private equity firm named Beijing Dazhong Investment, in which he holds the position of chairman of the board of directors.