September 1, 2009
COFCO CEO takes up chairman role in Mengniu Dairy
Yu Xubo, CEO of China National Cereals, Oils and Foodstuffs Corp (COFCO), replaced Niu Gensheng to become chairman of the Inner Mongolia subsidiary of Mengniu Dairy Company Limited.
Mengniu recently completed its reshuffling of the board of directors after COFCO and Hopu Investment Management Co bought a 20-percent stake in the dairy on July 6 in a deal valued at US$787 million. Niu was transferred to the chairman of board of directors of Mengniu Diary.
Before it was publicly listed, the Inner Mongolia subsidiary was the main asset of Mengniu Dairy which specialised in sales of dairy products including liquid milk and ice cream.
