CHINA: Tsingtao chairman quits over "health reasons"
Tsingtao shares were suspended on Wednesday in Shanghai and Hong Kong
The chairman of Chinese brewer Tsingtao has stepped down for health reasons, the company has announced.
Jin Zhiguo, who led the company for four years, has been replaced by Tsingtao president Sun Mingbo, according to a statement on the brewer's website yesterday (28 June). The change comes a day after shares in the company were suspended from trading on the Hong Kong and Shanghai stock exchanges.
A Tsingtao filing with the Hong Kong bourse said the shares were suspended at the request of the company and will be resumed today (29 June).
The filing confirmed Jin's move aside and added that he has "no disagreement with the board, and there were no other matters relating to his resignation that should be brought to the attention of the shareholders of the company".
It said Jin would be given the role of honorary president.
Torsten Stocker, partner at consulting firm Monitor Group, told just-drinks he did not think the step-down will impact Tsingtao's business.
"Tsingtao has been one of the most successful Chinese companies with an established management structures and systems," Stocker said. "The new management team, i.e. both the CEO and president, were both once in senior positions in strategy planning, so understand the business very well and have helped to set its direction."
Jin took over as chairman in 2008 after serving as president for seven years. His predecessor as president, Peng Zuoyi, died of a heart attack.
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