(Yicai) June 2 -- China’s largest pig farming company, Muyuan Foods Group, is undergoing a leadership transition as founder Qin Yinglin retires and his son, Qin Muyuan, joins the board of directors.

The move marks a generational shift at the Henan province-based company as it celebrates its 34th anniversary. Qin, who together with his wife Qian Ying controls about 52 percent of Muyuan’s shares, is stepping down after building the company into China’s largest pig producer. According to the latest Hurun Global Rich List, the couple ranks 101st with combined wealth of CNY170 billion (USD25.1 billion).

Qin, 61, has resigned from all positions at the company, including chairman and president, after reaching retirement age, Muyuan announced yesterday. Cao Zhinian, 49, will succeed him as chairman, while Gao Tong, 32, will become president.

Following his retirement, Qin will serve as Muyuan’s lifelong honorary chairman and director of the Muyuan Pig Farming Research Institute, where he will continue focusing on technological innovation and advances in pig farming to support the company’s long-term development, according to the announcement.

Cao joined Muyuan in 1998 and previously served as vice chairman, executive vice president, and head of finance. Gao joined the company in 2017 and currently serves as chief financial officer.

To fill the vacancy left by Qin’s departure, Muyuan appointed his son, Qin Muyuan, and CFO Gao as new board members. The addition will expand the board from eight seats to nine.

Qin Muyuan, 31, joined Muyuan in 2019 and has been responsible for strategic planning and execution of the company’s meat-processing business. He currently serves as chief executive officer of subsidiary Muyuan Meat, according to the announcement.

This year, persistently low pork prices in China have weighed heavily on Muyuan’s performance. In the first quarter, the company swung to a net loss of CNY1.2 billion (USD177.5 million) from a profit of CNY4.5 billion a year earlier, while revenue fell 17 percent from the previous year to CNY29.9 billion (USD4.4 billion), according to its latest financial report.

Muyuan’s shares [SHE: 002714] closed down 2.8 percent at CNY36.76 (USD5.40) today, giving the company a market capitalization of about CNY212 billion (USD31.4 billion).

Editor: Emmi Laine