Chinese home appliances and electronics giant Haier Group issued an announcement on Friday that Zhang Ruimin, the firm’s 72-year-old founder, volunteered not to participate in the nomination of new directors at the staff meeting.

It is reported that a new management committee and board of directors have been selected at this meeting. The new board of directors invited Zhang Ruimin back as an Honorary Chairman, elected Zhou Yunjie as Chairman and appointed him as CEO, also appointing Liang Haishan as President.

Public information shows that Zhou Yunjie graduated from Huazhong University of Science and Technology in July 1988, and later joined Qingdao Refrigerator General Factory, the predecessor of Haier Group, in July of the same year. After years of career development, he served as Vice Chairman of the company board of directors and as President of Haier Group since 2016.

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