Wen/Leju Finance Yang Kaiyue Zhang Dan

The impact of cyclical fluctuations in the industry is directly transmitted to practitioners.

In the past year or so, according to incomplete statistics of Leju Finance, more than 95 household executives have changed their positions, 55 of whom have left, 13 of whom are "decision makers" of the company who are the chairman or general manager. Another 49 household executives took office, as well as 13 new chairmen or general managers.

From the historical data, in recent years, personnel changes in the household industry are relatively frequent. 2023 is not the most turbulent year, but it also shows some obvious trends.

Fluctuation of performance "unstable position" of senior executives

First of all, the level of change is high. According to statistics, in the past year, well-known household enterprises such as Milan Window, Daya Sage, Sunlight, Dinggu Jichuang, and Imperial Furniture have all experienced changes in the personnel of core executives at the level of chairman, general manager, or CEO.

In October 2023, Sunshine Lighting (600261. SH) announced that Chen Wei, the general manager, had submitted a written resignation report and resigned as the general manager of the company. After his resignation, he would continue to serve as the chairman of the board of directors and the chairman of the strategy committee of the board of directors Member, member of the Audit Committee.

The reason for Chen Wei's resignation was disclosed as "due to the adjustment of the company's personnel structure". From 2021 to 2022, the revenue and net profit of Sunlight declined year on year for two consecutive years, and the decline ratio was double digits. By 2023, the net profit of Sunlight will recover slightly, with a year-on-year increase of 17.12% to 215 million yuan, but its revenue will continue to decline 17.58% to 3.075 billion yuan, the lowest since 2013.

Performance is one of the important indicators for assessing senior executives' KPI. Zhejiang Yongqiang (002489. SZ) also experienced significant performance fluctuations in 2023.

On April 22 this year, Zhejiang Yongqiang announced the changes of several senior executives. Cai Feifei and Zhou Linlin applied to resign as non independent directors of the Company for personal reasons; Mao Meiying and Zhou Yuejiang, independent directors, applied to resign from their positions as independent directors of the Company and special committees of the Board of Directors because they served as independent directors in more than three listed companies in China.

In 2023, Zhejiang Yongqiang will achieve an operating revenue of about 4.837 billion yuan, a year-on-year decrease of 41.15%; The net profit attributable to shareholders of the listed company was about 50.87 million yuan, down 76.48% year on year. Zhejiang Yongqiang said that the decline in performance was due to the precipitous decline in the international outdoor leisure product market in 2023.

The change of "second generation" continues

Home owners who made their fortune in the last century are now entering the "retirement" grade and passing on to future generations, which is the common choice of many home owners.

Last July, Dinggu Jichuang (300749. SZ) announced that Lin Xinda had resigned as the chairman of Dinggu Jichuang, and Xin Zhaolong took over as the chairman and general manager of Dinggu Jichuang. It is reported that Xin Zhaolong is Lin Xinda's son-in-law. After taking over, Lin Xinda publicly said, "I also have KPI assessment, and the company will finally decide how much to pay me according to my performance assessment."

With the official debut of Xin Zhaolong, Dingguji Entrepreneurship ushered in a number of senior management changes. While announcing that Xin Zhaolong became the general manager, Ding Guji also disclosed that Wang Liang was appointed as the secretary of the board of directors, Zhao Heng as the chief financial officer, Hu Ping as the head of internal audit, and Chen Yuanqiang as the representative of securities affairs.

However, there are also different "succession" in the household circle. In March 2023, Zhejiang Meida (002677. SZ) announced that Wang Peifei was elected chairman of the board of directors. On March 28, Zhejiang Meida's industrial and commercial information showed that Chairman Xia Lan and Vice Chairman and General Manager Xia Zhisheng withdrew from the "senior managers". The next day, the legal representative of Zhejiang Meida was also changed from "Xia Zhisheng" to "Wang Peifei".

This is Xia Zhisheng, the founder of Zhejiang Meida, who finally chose the "successor" at the age of 80 after his children gave up the right of "succession" one after another. Wang Peifei is an "old employee" of Zhejiang Meida. He has served as the director, deputy general manager and finance director of Meida Group, as well as the sales director and finance director of Meida Industry, Meida Electrical Appliances, Meida, and other important positions. At the same time, Wang Peifei is also the fourth largest shareholder of Zhejiang Meida, holding 5.55% shares. According to data, Wang Peifei is 60 years old this year.

"One emperor and one courtier". With the advent of Wang Peifei, the senior executives of Zhejiang Meida also experienced a round of major changes. According to its announcement, the new general manager Xu Jianlong, the new executive deputy general manager Zhong Chuanliang, the new deputy general manager Shen Yuqiang, Zhang Liang, the new secretary of the board of directors Xu Hong and other senior executives simultaneously "stepped onto the stage".

Optimize the structure of mergers and acquisitions

Mergers and acquisitions of enterprises are also likely to become the trigger for personnel changes. In 2023, there were two "sky high" mergers and acquisitions with billions or even more in the household circle. But the executives of the acquired enterprises have different "outcomes".

On June 23, Xiamen Construction Development Co., Ltd. acquired 29.95% shares of Red Star Macalline at a price of 6.3 billion yuan, becoming the largest shareholder of Red Star Macalline, and the most eye-catching acquisition of state-owned assets of Red Star Macalline in the household industry in 2023.

Subsequently, there were a series of personnel changes of Red Star Macalline, including the reorganization of the Board of Directors, and members of the Department of Construction and Development represented by Zheng Yongda, Zou Shaorong, Shi Yaofeng, Yang Yingwu, and Director Hou took office on the Board of Directors. At the same time, Chejian Xin stepped down as Chairman of Red Star Macalline and retired as General Manager of Red Star Macalline. Zheng Yongda of CCB Development became the new chairman of Red Star Macalline.

Also in 2023, in November, Midea He Jianfeng joined the family, and the cost of this equity transfer reached 103, which set the largest record of equity transfer in the home furnishing industry and was also eye-catching. He Jianfeng is the only son of He Xiangjian, the founder of Midea Group, and currently serves as the director of Midea Group.

It is reported that in this transfer agreement, it is mentioned that if all parties agree, the general manager of Gujia (603816. SH) can remain in office. It is not mentioned whether Gu Jiangsheng, chairman of Gujia, can remain in office. However, according to the public information released by Gujiajia at present, the legal representative, chairman and director of Gujiajia are still Gu Jiangsheng, and the director and president are Li Donglai.