Gome Chairman Quits After Control Fight With Jailed Founder
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Gome Electrical Appliances Holding Ltd. Chairman Chen Xiao quit, succumbing to a seven-month campaign by billionaire founder Huang Guangyu to reassert control over China’s second-largest electronics retailer from a prison cell.
Chen stepped down “to spend more time with his family” and will be replaced by Zhang Dazhong, 62, founder of a rival that Gome acquired more than three years ago, Gome said yesterday in a statement to the Hong Kong stock exchange.