BRIEF: Sun Art names Freshippo veteran as new CEO
Sun Art Retail Group Ltd. (6808.HK), operator of the RT-Mart supermarket chain, announced on Sunday that CEO Shen Hui has resigned from his post to devote more time to family matters. He has been succeeded by Li Weiping, effective Monday.
According to the company, Li, 47, has over 20 years of management experience in the retail industry, including seven years at Freshippo. She previously worked as general manager of Freshippo’s North China (Beijing) region, CEO of its supermarket business group, and as the company’s chief merchandising officer. Most recently, Li was based at Freshippo’s president’s office.
Sun Art reported revenue of 30.5 billion yuan ($4.32 billion) in the six months to September, the first half of its fiscal year, down 12.1% year-on-year. The company swung to a loss of 127 million yuan from a profit of 206 million yuan a year earlier. Earlier this year, Alibaba sold its entire stake in Sun Art to DCP Capital.
Sun Art’s stock opened higher on Monday, closing at HK$1.7 by the midday break, up 5.59%. The stock is down about 28.5% year-to-date.
By Lee Shih Ta
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