China has removed Dong Mingzhu, one of China's most prominent businesswomen, from the post of chairperson of state-owned conglomerate Gree Group, but retained her as the head of its electronics arm, state news agency Xinhua reported. The move was ordered by the State-owned Assets Supervision and Administration Commission of Zhuhai city in China's southern Guangdong province, where Gree is based, Xinhua said.
Citing sources with the commission, Xinhua said the changes to Dong's role was "normal" because she was not allowed to serve as both group chairperson and the head of its listed subsidiary, Gree Electric Appliances Inc. Neither Dong nor Gree Group representatives could be reached immediately for comment. Officials at the commission also could not be reached for comment. The outspoken Dong is regarded as one of the most successful Chinese businesswomen, with Gree becoming a top air-conditioning manufacturer in China and a significant player in the world market.
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