Wanda Group’s board of directors has undergone major adjustments for the first time in the past four years. Four Wanda executives took office. Wang Jianlin’s wife Lin Ning and veteran Yin Hai quit
On August 13, Dalian Wanda Group Co., Ltd. changed its industrial and commercial registration information.Yin Hai and Lin Ning withdrew from the board of directors, Gao Qian, Xiao Guangrui, Dong Jianyue, and Qu Dejun added four directors, and the number of board members increased from seven to nine.Figure/Vision China
According to the National Enterprise Credit Information Publicity System, Dalian Wanda Group Co., Ltd. (hereinafter referred to as Wanda Group) changed its industrial and commercial registration information on August 13.Yin Hai and Lin Ning withdrew from the board of directors, Gao Qian, Xiao Guangrui, Dong Jianyue, and Qu Dejun added four directors, and the number of board members increased from seven to nine.
Yin Hai is 55 years old and a veteran of Wanda Group.Wanda Group announced at the end of last year that the company mobilized Yin Hai to retire early because he was approaching retirement age.Another director, Lin Ning, is the wife of Wang Jianlin, chairman of Wanda Group. She has been a director of Wanda Group since 2014.A person close to Wanda Group told the Caixin reporter that Lin Ning has not participated in the company's decision-making.
The four new directors are all executives of Wanda Group.Among them, Gao Qian is from the audit department and is currently the only female director.Xiao Guangrui is from the human resources department, Dong Jianyue is from Wanda Financial Group, and Qu Dejun is from the abolished Wanda Network Technology Group (hereinafter referred to as Nettech Group).Dong Jianyue joined Wanda Financial after resigning from Guangfa Bank in October 2016. The other three new directors are all veterans of Wanda.
Qu Dejun, 54, is a member of Wang Jianlin's core team.In September 2002, Qu Dejun joined Wanda Group and held important positions in real estate, business management, finance, network technology and other business sectors.A former employee of Wanda Group who has left the company told Caixin reporter that Wang Jianlin had great trust in Qu Dejun.
Since 2016, Qu Dejun has been in charge of Nettech Group.The development of Nettech Group was not smooth, and eventually it was reduced to abolishment.On January 20 this year, Wang Jianlin said at the 2017 annual meeting of Wanda Group: One of the mistakes I made was to give Qu Dejun too much money.Just save some money and set an investment cap.
The current board of directors of Wanda Group consists of nine members: Wang Jianlin, Gao Qian, Xiao Guangrui, Dong Jianyue, Qu Dejun, Zhang Lin, Wang Sicong, Qi Jie, and Ding Benxi.Among them, Wang Sicong is the son of Wang Jianlin, Zhang Lin is the president of Wanda Culture Group, Qi Jie is the president of Wanda Commercial Management, and Ding Benxi is the president of Wanda Group.
Wanda Group responded to the Caixin reporter that this adjustment is a normal company personnel change, and the introduction of four core executives will be more conducive to the group's decision-making and development.In addition, the appointment of financial and Internet technology executives to the board of directors also reflects Wanda's focus on asset-light development in the future.
According to the National Enterprise Credit Information Publicity System, the last major adjustment of Wanda Group’s board of directors occurred in March 2014.At that time, Chen Ping and Li Yaohan resigned from the board of directors, and Wang Guiya, Qi Jie, and Lin Ning became new directors, and the number of board members expanded from six to seven.In January 2016, Wang Sicong replaced Wang Guiya and entered the board of directors.
According to public information, both Chen Ping and Yin Hai are close to retirement age and retired early.Wang Guiya resigned in February 2016 to start a business and founded Haoxiang Capital to invest.
Wanda Group currently has four major business groups: commercial management group, cultural group, real estate group, and financial group.Wanda Group encountered a liquidity crisis in the middle of last year, and has been selling assets to reduce liabilities in the past year.
Wang Jianlin said at Wanda Group's 2017 summary meeting that in July 2017 alone, the transfer of assets to Sunac China (01918.HK) and R&F Properties (02777.HK) recovered 67 billion yuan in cash and reduced debt by 110 billion yuan.Wanda Group will gradually pay off all overseas interest-bearing liabilities, and plans to reduce corporate debt to an absolutely safe level within two to three years.Wang Jianlin said.■
