June 13, 2011
China Mengniu Dairy Co Ltd , the country's top dairy products maker by sales volume and value, on Friday (Jun 10) appointed a new chairman after the resignation of Niu Gensheng, who is also the founder.
Effective Friday, Niu will be replaced by Vice Chairman Ning Gaoning, Mengniu said in a statement on the Hong Kong stock exchange. Niu remains as a non-executive director with Mengniu, the company said.
"Niu wishes to devote most of his time in charitable work, which has been his wish for a number of years," Mengniu said.
Mengniu's shares ended up 1.4%, outperforming the Hang Seng Index's 0.84% fall.
The company, which produces milk, ice-cream, and yogurt, reported earlier this year that 2010 full-year net profit rose 10.9% to RMB1.24 billion (US$190 million), with the company facing the threat of rising raw material prices eating into its margins.