于东来退休幕后：3年放权，永不上市，接班人须60岁退休

Core Viewpoint - The retirement of Yu Donglai, founder and chairman of the Pang Donglai Group, marks a significant shift in the company's governance structure, transitioning from personal leadership to a committee-based management model, emphasizing institutional continuity over individual authority [6][9][10]. Group 1: Retirement Announcement and Transition - Yu Donglai announced his retirement on February 11, 2026, stating he would become an advisor while the decision-making committee would manage daily operations [6][9]. - This decision is seen as a culmination of a three-year institutional reform aimed at empowering a professional management team rather than relying on family succession [9][14]. - The decision to implement a rotating management system reflects a commitment to decentralization and shared leadership, with responsibilities distributed among core team members [14][19]. Group 2: Long-term Strategy and Governance - Yu Donglai outlined four long-term strategies for Pang Donglai, including maintaining its educational nature, ensuring management exits power before age 60, never going public, and halting expansion after achieving set goals [17]. - The governance model emphasizes that the institution is more reliable than individual leadership, with Yu Donglai serving as a model for the 60-year exit rule [17][38]. - The company has established a transparent recruitment process for middle management, ensuring fairness and alignment with its core values [15][22]. Group 3: Employee Welfare and Consumer Trust - Pang Donglai has a robust employee welfare system, with an average monthly salary of 9,886 yuan and a compensation policy for dignity violations, reflecting a commitment to employee rights [22][23]. - The company’s service standards, including a "no-questions-asked" return policy, have fostered consumer trust, ensuring consistent service quality regardless of management changes [23][24]. - Employees express confidence in the stability of welfare policies, which are enshrined in company regulations, providing legal protection against arbitrary changes [37][41]. Group 4: Challenges and Industry Implications - The transition to a committee-based management model may face challenges in decision-making efficiency, particularly in urgent situations where quick decisions are necessary [39]. - The potential dilution of Yu Donglai's personal influence on company culture raises concerns about maintaining service quality and employee engagement [39][40]. - The case of Pang Donglai serves as a critical example for the broader retail industry, highlighting the importance of institutional resilience in the face of founder transitions and the pitfalls of rapid expansion [42][43].