Gome chairman ousted by jailed founder

Despite being behind bars, Gome founder Huang Guangyu has succeeded in ousting company chairman Chen Xiao.
Huang Guangyu: Still powerful
Huang Guangyu: Still powerful

Huang Guangyu, the jailed founder of Hong Kong-listed Gome Electrical Appliances, has won a high-profile battle with chairman Chen Xiao for control of China’s leading electronics retailer.

Huang was sentenced to 14 years in prison for insider trading last May, but has been busy staging a boardroom coup from his cell. He tried to oust Chen at a shareholders’ meeting last September, but failed. Then, on Wednesday night, Gome announced that Chen had resigned with effect from yesterday “for family reasons”, and that Sun Yiding, the company’s executive director, had also stepped down from his post, for the same reasons, also with immediate effect.

Zhang Dazhong,...

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