Billionaire Chairman Quits After Suning’s China-Led Bailout
- Retailer announces Zhang Jindong’s resignation in filing
- Zhang lost control of firm after selling 17% stake last week
This article is for subscribers only.
Zhang Jindong has stepped down as the chairman of Chinese retail giant Suning.Com Co. after losing control of his firm following a government-led bailout.
The company announced his resignation in a filing with the Shenzhen stock exchange on Monday, adding that Zhang will be appointed honorary chairman to guide the firm’s future growth. Zhang, 58, lost control of Suning when the business sold a 16.96% stake to a state-backed consortium for a $1.36 billion bailout last week.