(Yicai Global) Sept. 28 -- Zhang Banghui, the departing chairman and actual controller of Tech-Bank Food, one of the biggest pig breeders in China, has tapped the former president of animal feed giant New Hope Liuhe to replace him.
The 57-year-old Zhang, one of Tech-Bank Food's founders, has handed in his notice at the Ningbo-based company that deals in feed, aquaculture and food processing. His anointed successor, Deng Cheng, 48, left New Hope earlier this month.
Tech-Bank Food must focus on essential reforms and recruit sector-leading talent to build itself into a world agriculture and livestock leader, the firm said in a statement.
Deng joined Beijing-based New Hope in 2001 and successively led its human resource department before heading up its special management territory in eastern Shandong province and then becoming vice president and president.
Both companies are leaders in China's live pig breeding sector and their business scopes also cover feed and meat production. New Hope sold about 3.5 million hogs last year, ranking it fourth among listed breeders, while Tech-Bank Food came fifth with about 2.4 million.
Shares of Tech-Bank Food [SHE: 002124] closed just over 2 percent lower today at CNY16.20 (USD2.38), while New Hope [SHE: 000876] shed 3.6 percent to CNY27.50. The benchmark Shenzhen Component Index fell 0.4 percent.
Editor: Ben Armour