The board of directors (“the Board”) of China Foods Limited (“the Company”) announced the following changes in the composition of the Board, with effect from 10 February 2011:
(1) the resignation of Mr. Qu Zhe as an executive director and the managing director of the Company and a member of the remuneration committee of the Board, due to his other appointment.
(2) the appointment of Mr. Chi Jingtao as an executive director, the executive vice-chairman of the Company and a member of the remuneration committee of the Board.
(3) the re-designation of Ms. Luan Xiuju, an executive director of the Company, as the managing director of the Company.
(4) the resignation of Mr. Wang Zhiying, an executive director of the Company, from his office as a deputy general manager of the Company and the re-designation of Mr. Wang as a non-executive director of the Company due to his other responsibilities and commitments at COFCO.
The Board would like to thank Mr. Qu for his invaluable contributions to the Company during his tenure of office as an executive director since August 2000, in particular as the managing director since January 2006. The Board wishes him every success in his important new role.
The Board would like to express its warm welcome to Mr. Chi for joining the Board and acting as the executive vice-chairman of the Company and Ms. Luan for becoming the managing director of the Company.
Mr. Chi, aged 48, is a non-executive director of China Agri-Industries Holdings Limited, a company listed in Hong Kong and an associate of the Company. He has been a vice president and the director of human resources department of COFCO since April 2010 and October 2004 respectively. Mr. Chi joined COFCO in August 2003. From June 1993 until March 2003, he held various positions in China Minmetals Corporation, including his position as the general manager of human resources department. Mr. Chi holds a Bachelor’s degree in engineering from the Academy of Armored Forces Engineering in Beijing and an Executive Master of Business Administration degree from the University of International Business and Economics.
Ms. Luan, aged 45, was appointed as an executive director of the Company in March 2007. Ms. Luan has been the chief executive officer of COFCO Coca-Cola Beverages Limited, a 65% subsidiary of the Company, since 2003. She is a director of certain members of the Company and its subsidiaries. Ms. Luan joined COFCO in 1989 and has extensive experience in beverage production, trade and management. Ms. Luan graduated from Renmin University of China with a Bachelor of Arts degree in economics and a Master of Arts degree in economics.
Mr. Ning Gaoning, Chairman of the Company, said:
“I have worked with Mr. Chi and Ms. Luan for many years. I think they have accumulated extensive experience in their respective areas, and with their new appointments, the overall operational management of China Foods would be enhanced. I hope they will bring new ideas and exercise strong leadership to open a new chapter in the development of China Foods.”
Mr. Chi Jingtao said:
“It is my honor to be appointed as the executive vice-chairman of China Foods. As COFCO is executing a strategy of integrated agri-food chain, China Foods plays an important strategic role in this process. China Foods is the first COFCO subsidiary listed in Hong Kong, carrying high expectations from COFCO. I hope I can apply my past work experience to further strengthen a client-oriented culture and a culture of synergy, enhance the overall operational management and refine the incentive scheme. I believe that a high-caliber management team under an effective incentive scheme can drive China Foods to excel in the future and reward investors.”
Ms. Luan Xiuju said:
“Many thanks for the trust of the Board. With the rapid growth in the Chinese economy and the continuing improvement in the Chinese people’s living standards, China Foods has huge potential for its business development. The new management team of China Foods shall consider and resolve how to drive China Foods to grow faster than the food and beverage sector in China. In the medium to long term, my primary goal is to bring fruitful return to our investors.”
Board of directors of China foods limited
31 January 2011
