China Mengniu Dairy Co. Ltd. on Jan. 7 said that chairman and nonexecutive director Ma Jianping has resigned from his posts due to change of work, effective immediately.
Yu Xubo has been chosen to succeed Ma.
Yu has been president Cofco Corp. since April 2007, is currently the managing director of Cofco (Hong Kong) Ltd and holds the directorship in several subsidiaries in the Cofco Group. Yu is also a nonexecutive director and chair of the board of China Foods Ltd.
Cofco owns an approximately 31% stake in China Mengniu Dairy.