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China Huishan executive steps down from board, 5th resignation in week
April 6, 2017 / 1:04 AM / 8 months ago

China Huishan executive steps down from board, 5th resignation in week

HONG KONG, April 6 (Reuters) - China Huishan Dairy Holding Co Ltd said an executive director had resigned, the fifth member of senior management to step down in less than a week at the troubled dairy company, but added he would continue to be employed by the group.

China Huishan, whose shares have been suspended after an 85 percent drop in a single day last month, said late on Wednesday that Xu Guangyi had resigned with effect from April 1 to spend more time on the company’s days-to-day operations.

“Mr Xu remains in employment with the group and is principally responsible for overseeing the dairy farming business, feeds plantation, feeds processing and project and infrastructure management of the group,” China Huishan said in a statement to the stock exchange.

The company said last Friday that four independent directors had quit and an executive remained missing, warning shareholders it would need more time to check its financial position before updating the market.

Executive director Ge Kun, who ran treasury operations for the group, remains uncontactable and Huishan has filed a missing person report with Hong Kong police, the company has said.

Trading in the company’s shares remains suspended pending further statements. It expects to update the market next week. (Reporting By Anne Marie Roantree; Editing by Himani Sarkar)

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