(Yicai Global) May 7 -- China’s leading premium liquor producer China Kweichow Moutai Distillery (Group) Co. is about to go through a major management shake-up as Yuan Renguo, chairman of the board, announced his resignation after more than six years at the helm.
Li Baofang, the company general manager, will assume the role of chairman concurrently as Moutai Group held a management conference to nominate him as new chairman of the board yesterday.
Yuan, 62, served in the company for many years, assuming different roles, including workshop director, assistant plant manager, deputy general manager and general manager before being appointed as chairman in October 2011. His current whereabouts is unknown.
Li, former director of the Guizhou provincial economic and information commission, joined the Moutai Group in August 2015 as general manager. The group's sales increased from CNY41.9 billion (USD6.6 billion) in 2015 to CNY76.4 billion last year under the joint management of Yuan and Li.
In 2016, the group set a goal to achieve annual sales of CNY100 billion by 2020. At the company performance conference in January, Li expected the group to achieve pre-tax revenue of CNY90 billion this year, a year-on-year increase of over 18 percent.
It remains unclear whether the Moutai Group’s core subsidiary, Kweichow Moutai Co., will have any management reshuffle. The company is expected to make a statement soon, insiders said.
Moutai’s famous liquor is the sought-after white spirit at official banquets and on important occasions in China. Late Premier Zhou Enlai toasted US President Richard Nixon with a shot glass of the famous spirit at a historic state banquet welcoming him to the country in 1972.
Editor: Mevlut Katik