Haier Electronics Chairman Yang Retires, Replaced by CEO

Haier Electronics Group Co. (1169), a unit of China’s largest appliance maker, said founder and chairman Yang Mianmian has retired and been replaced by Chief Executive Officer Zhou Yunjie.

Yang stepped down from the board yesterday and has been appointed senior adviser, according to a Hong Kong stock exchange filing yesterday. Yang, 71, has no disagreement with the board or anything to tell shareholders, Hong Kong-based Haier Electronics said.

Her departure completes a management transition at both of Haier Group’s publicly traded units. In April, Shanghai-listed Qingdao Haier Co. said it approved the appointment of Liang Haishan as chairman, replacing Yang.

Zhou, 46, has been general manager and an executive director at Haier Electronics since November 2009 and was appointed CEO on March 18, the company said. He joined the Haier Group in 1988 after completing a bachelor’s degree in engineering.

Haier Electronics says the board has a “vast majority” of non-executive directors, so having Zhou hold both the CEO and chairman positions “will not have a negative influence on the balance of power between the board and the management.”

To contact the reporter on this story: Joshua Fellman in New York at jfellman@bloomberg.net

To contact the editor responsible for this story: Stephanie Wong at swong139@bloomberg.net

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