Core Insights - The company Baolingbao announced significant personnel changes in its management team, including the resignation of the board secretary Zhu Zhe and the appointment of Wang Qiang as the new chairman and legal representative [1][2][6] - These changes are seen as a response to previous governance issues and are aimed at optimizing the company's governance structure [1] Management Changes - Wang Qiang, born in 1962 and with extensive multinational management experience, has been appointed as the chairman and will also serve as the head of the board's strategic committee [2][6] - Liu Feng, the new board secretary, has a background in engineering and has held various positions within the company since 1999; however, he has yet to obtain the necessary qualifications for the role [7] Governance Issues - Previous governance concerns included the former chairman Dai Sijue being restricted from high consumption and listed as a dishonest executor, which raised doubts about his ability to fulfill his duties [6] - The company has faced scrutiny regarding the slow progress of share buyback commitments made by its controlling shareholder, Songjing Investment, which has only completed a 0.3418% increase in shares since its commitment in October 2024 [8] Financial Concerns - The financial difficulties of the controlling shareholder and related entities have hindered the implementation of the share buyback plan, with significant debts remaining unpaid [8]
保龄宝管理层调整,董事长董秘相继换人