WH Group’s founder quits, leaving world’s biggest pork producer without a successor after son was fired for ‘aggressive behaviour’
- Wan Long has stepped down as chief executive, leaving his empire in the hands of non-family members after his son was sacked two months ago
- The Hong Kong-listed firm, which owns US-based pork producer Smithfield Foods, has appointed chief financial officer Guo Lijun to succeed 80-year-old Wan
The Hong Kong-listed firm has appointed Guo Lijun, who assumed the role of chief financial officer in 2016, to succeed 80-year-old Wan, according to a filing to the stock exchange.
The personnel change, effective immediately, followed the sacking of Wan Hongjian, 52, in June for misconduct. WH said he was guilty of “aggressive behaviour” against the company’s properties, without elaborating on the circumstances.
Wan Long, who owned 23.34 per cent of the company at the end of 2020, will continue to be its chairman.
“Succession of family businesses in China often has a huge impact on the companies’ fundamentals,” said Zhou Ling, a fund manager with Shanghai Shiva Investment. “Power transfer can cause some turbulence in the businesses if the family members cannot get along with each other well.”
In the filing, the company said that Wan Hongwei, 47, another son of the founder, would be appointed as an executive director and deputy chairman.
