Shanghai Jiahua (600315) was replaced. Pan Qiusheng, the former chairman and general manager, resigned. Lin Xiaohai took over the post of general manager. Lin Xiaohai started his career in P&G and previously took charge of Gaoxin retail under Ali.
Shanghai Jiahua announced in the evening of May 14 that it received the resignation report of Pan Qiusheng, the chairman of the company, in the morning of May 14. Pan Qiusheng applied for resignation from the company's director, chairman, member of the strategy and sustainable development committee of the board of directors, and related positions of the company's subsidiary holding enterprises and joint-stock enterprises for personal reasons, which came into effect on the date of delivery to the company's board of directors; At the same time, he applied for resigning as CEO and General Manager of the company, effective from May 31, 2024.
Upon the joint recommendation of the directors, Cheng Jianxin, the director of the company, acted as the acting chairman of the company to perform the duties of the chairman until a new chairman was elected.
In addition, the Board of Directors decided to appoint Lin Xiaohai as the CEO and General Manager of the Company, with the term of office beginning on June 1.
According to his resume, Lin Xiaohai was born in 1971 and graduated from the Department of Light Chemical Engineering of South China University of Technology. Served in P&G from 1995 to 2016, responsible for oral care and maternal and infant care categories, key account team, channel management, e-commerce team, marketing department, etc., and served as the marketing president of Greater China in P&G (China) Marketing Co., Ltd. from 2014 to 2016.
From 2016 to 2020, he served as Vice President of Alibaba Group Holdings Co., Ltd. and General Manager of Retail Communication Business Department. From 2020 to March 2024, he served as the executive director and CEO of Gaoxin Retail (06808. HK).
The announcement of Shanghai Jiahua shows that Lin Xiaohai has no related relationship with the controlling shareholders and indirect controlling shareholders of Shanghai Jiahua, and does not hold any shares of the company at present.
On the evening of March 26, the parent company of RT Mart, Gaoxin Retail, announced that Lin Xiaohai had resigned as executive director and CEO of Gaoxin Retail and had to be transferred back to Alibaba Group for another appointment.
From the announcement of Shanghai Jiahua, it is speculated that Lin Xiaohai did not work in the Alibaba system, but found another way. The controller of Shanghai Jiahua is Ping An of China.
It is difficult to join Shanghai Jiahua from Lin Xiaohai. It is speculated that Ali will have equity cooperation with Shanghai Jiahua. Generally speaking, it will invest first and then assign senior executives.
The main reason for the change of leadership of Shanghai Jiahua may be the loss of the top position in the domestic beauty industry.
Last year, the revenue of Pelaia (603605) increased by 39.45% year-on-year to 8.905 billion yuan, and the net profit increased by 46.06% year-on-year to 1.194 billion yuan. The revenue was 2.307 billion yuan more than that of Shanghai Jiahua, 1.34 times of the latter, and the net profit was more than twice of the latter.
Praia is superior to Shanghai Jiahua in revenue, profit and market value. At present, its market value is 44.8 billion yuan, three times that of Shanghai Jiahua.
In 2023, Pelaia's revenue from online channels will be 8.274 billion yuan, accounting for 93.07%, far more than that of Shanghai Jiahua. In the financial report, Pelaya said that the increase of the company's revenue was mainly due to the growth of online channel revenue. At present, the offline share of Shanghai Jiahua is still high. "During the reporting period, the offline business of the company was under pressure, mainly reflected in the influence of the industry closure trend on the supermarket channel, and the department store channel actively reduced the social inventory.".
Pan Qiusheng became the third professional manager of Shanghai Jiahua in April 2020. He once held senior management positions in L'Oreal Group. During his tenure, he recruited people from many international companies.
Procter&Gamble, which Lin Xiaohai worked for, and L'Oreal, which Pan Qiusheng worked for, are both world-class brands.
Shanghai Jiahua is also planning for transformation recently. Recently, the Secretary of the Board of Directors of the Company responded to investors that in 2023, the Company will benchmark its leading competitors in the industry, reflect on the main reasons for the pressure on the performance of Shanghai Jiahua in the past period, overcome difficulties in the company's strategy, organizational structure, marketing innovation, talent echelon and sustainable development, and make major adjustments, and determine that in the next few years to high gross profit Focus on the category with high growth rate and high brand premium.
Shanghai Jiahua introduced Ping An into China in 2011 to become a major shareholder. However, one year later, former chairman Ge Wenyao began to make the contradiction public, disclosing the different views of both sides on equity incentive, real estate disposal, brand investment, etc., and finally ended up with Ge Wenyao's dismissal. Ge Wenyao often expresses his views on Shanghai Jiahua.
