Retailing, Franchising, and Consumerism Business Intelligence in China

New World Department Store Announced CEO Change

New World Department Store China Limited recently announced that He Guoliang has resigned his position as CEO and Zhang Huire, executive director and member of the executive committee and compensation committee of the board of directors, will take over the CEO role, effective on August 15, 2019.

Public files show that Zhang, 64, joined New World Department Store and its subsidiary in 1993, leading the overall management of the group. He was appointed executive director in June 2007 and became non-executive director in February 2018.

Before jointing New World Department Store, Zhang held many senior executive positions in several Hong Kong and Taiwan retail groups, accumulating over 40 years of experience in the retail industry.

It is said that Zhang will gain pre-tax annual salary of about HKD9.5 million along with bonus.

At present, New World Department Store's board of directors includes non-executive directors Zheng Jiachun and Ou Dechang; executive directors Zheng Zhigang and Zhang Huire; and independent non-executive directors Zhang Yingchao, Chen Yaotang, Tang Kengcan, and Yu Zhenhui.

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