He Xiangjian’s only son will no longer serve as a director of Midea Group!

Release time:Jun 17, 2024 08:12 AM

Introduction: He Jianfeng's Yingfeng Group and Midea Group founded by his father He Xiangjian will continue to watch over each other.

Midea Group, with a current market value of 457.7 billion yuan, is expected to continue to be managed and taken over by professional managers.

On the evening of June 14, Midea Group released an announcement on the election of the new board of directors, revealing that He Jianfeng, the only son of Midea Group founder He Xiangjian, was no longer a candidate for the new board of directors.

He Jianfeng has been a director of Midea Group for the past 12 years. This change means that if Fang Hongbo, the current chairman and president of Midea Group, takes over in the future, He Jianfeng may not take over. He Xiangjian has further confirmed that Midea Group will be succeeded by professional managers.

The last public appearance of He Xiangjian, founder of Midea Group and chairman of Midea Holdings, was at the launch ceremony of Midea 08 Space on May 30 this year. At that time, He Xiangjian was accompanied by Fang Hongbo, chairman and president of Midea Group, and Wang Jianguo, vice president, and other senior executives of Midea. He Jianfeng did not participate, and Wang Jianguo delivered a speech. The successor team of Midea Group is gradually emerging.

Midea Group's new non-independent directors are younger

According to the announcement, the fifth board of directors of Midea Group consists of 10 directors, including 6 non-independent directors and 4 independent directors. The candidates for non-independent directors are Fang Hongbo, Zhao Jun, Wang Jianguo, Fu Yongjun, Gu Yanmin and Guan Jinwei; the candidates for independent directors are Xiao Geng, Xu Dingbo, Liu Qiao and Qiu Lili. The above-mentioned director candidates must also be submitted to the company's shareholders' meeting for a vote, and their term of office is three years.

Compared with the fourth board of directors, the fifth board of directors of Midea Group replaced two non-independent directors, and the number of independent directors increased from three to four, all of whom are new directors. Among them, Zhao Jun and Guan Jinwei will replace He Jianfeng and Yu Gang as the new non-independent directors of Midea Group. He Jianfeng, 56, is the son of He Xiangjian and the chairman of Yingfeng Group. Yu Gang, 64, was the vice president of Amazon's global supply chain. Zhao Jun, 48, is currently the executive president of Midea Holdings and previously served as the supervisor of Midea Group. Guan Jinwei, 44, is currently the vice president of Midea Group and the president of Building Technology.

Midea Group's four independent director candidates also have their own strengths. Xiao Geng is currently a professor of practice and director of the Institute of Policy and Practice at the Institute of Advanced Finance of the Chinese University of Hong Kong, and also serves as a member of the expert group of the Chief Executive's Policy Unit of the Hong Kong Special Administrative Region; Xu Dingbo is currently a professor of accounting at the Essilor Chair of France at the China Europe International Business School and serves as the deputy dean of academic affairs; Liu Qiao is currently the dean of the Guanghua School of Management at Peking University; Qiu Lili is currently the deputy director of Microsoft Research Asia.

Fang Hongbo, 56, has been in charge of Midea Group for 12 years since he succeeded He Xiangjian as chairman of Midea Group in 2012. Under the management of a team of professional managers headed by Fang Hongbo, Midea Group has expanded into ToB fields such as building technology and robots after a slimming transformation, and its performance has continued to rise. Midea Group's revenue in 2012 was 68.07 billion yuan, a year-on-year decrease of 26.89%; its revenue in 2023 was 372 billion yuan, a year-on-year increase of 8.17%; and its quarterly revenue in the first quarter of 2024 exceeded 100 billion yuan for the first time to 106.1 billion yuan, a year-on-year increase of 10.22%.

He Jianfeng has been a director of Midea Group for the past 12 years. He Jianfeng, who was born the same year as Fang Hongbo, has his own business outside Midea Group. He founded Yingfeng Group and has been the chairman and president of Yingfeng Group since 2002. Last year, Yingfeng Group acquired a controlling stake in Gujia Furniture, which once attracted much attention. Currently, He Jianfeng is also a non-executive director of Midea Real Estate, another listed company under He Xiangjian.

He Xiangjian is 82 years old this year. His Midea Holdings currently holds 31.12% of the shares of Midea Group, making it the largest shareholder. Midea Group is now preparing to be listed on the Hong Kong Stock Exchange. The change of the board of directors of Midea Group shows that the non-independent directors of Midea Group are younger overall, the power of independent directors is strengthened, and the governance structure is further improved.

In fact, the interests of Midea Group's professional management team are deeply intertwined with those of the company, and a multi-level interest-sharing mechanism has been formed.

On the evening of June 14, Midea Group also issued a series of announcements on restricted stock incentive plans, stock option incentive plans, employee stock ownership plans, etc. On June 13, Midea Group established the 2024 Employee Stock Ownership Plan Management Committee, with Zhang Bin, Xu Minfeng, and Ma Chibing as members of the committee. They are respectively the presidents of the Kitchen and Hot Water Division, the President of the Life Appliance Division, and the President of the Microwave and Cleaning Division of Midea Group.

As of the first quarter of 2024, Fang Hongbo holds 117 million shares of Midea Group, accounting for 1.68% of the total share capital, making him the fourth largest shareholder of Midea Group. Other executives of Midea Group also hold shares in the company through stock option incentive plans, restricted stock incentive plans, etc.

More importantly, under Fang Hongbo, the succession team of Midea Group's senior management has gradually emerged. At the launch ceremony of Midea 08 Space on May 30 this year, Wang Jianguo, 48-year-old director, vice president, president of the smart home business group, and president of Midea International, delivered a speech. He said that the opening of 08 Space is the last piece of the puzzle of Midea's global headquarters and an important witness of Midea's "taking root in Shunde and going global." Wang Jianguo is regarded by the outside world as one of the candidates for Fang Hongbo's successor in the future.

Guan Jinwei, who will be promoted to a non-independent director of Midea Group this year, is also a "young and strong" person. He is 44 years old and has served as the deputy general manager of Midea's central air-conditioning division and general manager of its overseas marketing company, assistant to the president of Midea International and general manager of the ASEAN region. He is currently the president of Midea's building technology division. In the first quarter of 2024, Midea's intelligent building technology revenue was 8.2 billion yuan, a year-on-year increase of 6%, making it the "leader" in Midea Group's ToB business.

Regarding the new personnel arrangement of the Midea Group's board of directors, a senior industry insider told the First Financial reporter that this will not have any impact on the operation of the Midea Group. Regarding the inheritance of the Midea Group, Mr. He may have new considerations, but their family still needs a potential actual controller.

"As for He Jianfeng no longer serving as a director of Midea Group, this is a normal process for the company. First of all, such an adjustment does not mean that He Jianfeng and Midea Group will sever all business relations, nor does it mean that He Jianfeng will no longer participate in the relevant management and business development of Midea Group." Peng Yu, COO of Beijing Red Sandalwood Insight Data Co., Ltd., also analyzed to reporters that many of He Jianfeng's businesses are also centered around home furnishings. Although he has resigned as a director of Midea Group, his Yingfeng Group and Midea Group will continue to watch over each other in the future.

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