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China's Gree Group removes chairwoman Dong Mingzhu

Xinhua, November 11, 2016 Adjust font size:

Chinese state-owned conglomerate Gree Group has removed its iconic chairwoman, Dong Mingzhu, from the top post, but retains her as the head of its electronics arm, the Forbes 500 Gree Electric Appliances Inc., local government officials confirmed on Friday.

The move was ordered by the State-owned Assets Supervision and Administration Commission of Zhuhai City, where the multi-sector corporation is based.

Sources with the commission explained that it was a normal position adjustment as the group usually does not allow a person to serve as both group chairperson and the director of its listed subsidiary.

Dong, 62, joined Gree Electric Appliances Inc. in 1990 as a salesperson and worked her way up to the top. Under Dong, Gree emerged as China's top air-conditioning manufacturer and a major player in the world market. The company's revenue last year was 100 billion yuan (14.7 billion U.S. dollars).

The outspoken and confident Dong is considered one of the most successful Chinese businesswomen and a leader of China's manufacturing sector.

The sources said Dong's removal from the top of Gree Group "won't affect" the operations of the Shenzhen Stocks Exchange-listed Gree Electric Appliances Inc. Enditem