(Yicai Global) Nov. 16 -- The long-simmering enmity between Baoneng Group, the largest shareholder of glassmaker CSG Holding Co. [SHE:000012], and CSG's senior management has led to the departure of its founder-chairman and six other executives, Yicai Global has learned.
CSG's board received resignations from Chairman Zeng Nan, CEO Wu Guobin, CFO Luo Youming as well as vice presidents Ke Hanqi, Zhang Fan, Zhang Baizhong and Hu Yong, the Shenzhen-based company said yesterday.
The two sides clashed at an extraordinary board meeting, CSG's seventh, on Nov. 14. Four directors nominated by major shareholders proposed replacing Zeng with Chen Lin, a director, which provoked discontent among the other three directors.
Baoneng Group is a conglomerate led by Shenzhen tycoon Yao Zhenhua. It is also involved in a high profile and very public struggle for control on property developer China Vanke Ltd.The saga has been one of the biggest corporate news stories in China.