As a result of Pan-Tsu Wu’s resignation from all his positions in the company (including chairman, executive director, chairman of the nomination committee and the disclosure committee and authorized representative), the board of Pou Sheng International, the distribution and retail subsidiary of Yue Yuen, announced that Shao-Wu Lee will be elected as chairman and appointed as chairman of the disclosure committee as well as the authorized representative. At the same time, he is stepping down as CEO. Wang Jun will take the position of the company’s new acting chief executive officer on July 1. He is also a director of various subsidiaries of the company. Wang joined the group as a vice president, in charge of the brand and merchandising management department in April 2014.
Chia-Ho Hu will be appointed as an executive director and member of the nomination and disclosure committees. In addition, Feng Lei Ming is appointed as chairman of the nomination committee, and Yuang-Whang Liao as a member of the disclosure committee.
Pan-Tsu Wu stated that he had no disagreement with the board and that there was no matter to be brought to the attention of the company’s shareholders in connection with his resignation.
A resurgence of Covid-19 in mainland China has negatively impacted Pou Sheng’s financial results for months. In May, Yue Yuen’s distribution and retail subsidiary reported a 19.1 percent constant-currency decline in year-over-year sales to 1.53 billion yuan renminbi (€213.8m) from RMB 1.89 billion. For the first five months of 2021, Pou Sheng’s consolidated operating revenues were down 26.3 percent to RMB 8.21 billion (€1.15 billion) from RMB 11.14 billion.
