(Yicai) April 23 -- Dong Mingzhu, the "home appliances queen” who has led China’s Gree Electric Appliances for 13 years, has been re-elected as chairwoman. But the 71-year-old has stepped down as president as part of efforts to rejuvenate the firm’s management team.

Dong will serve a fifth three-year term as chairwoman, while 49-year-old Zhang Wei is Gree’s new president, the Zhuhai-based white goods giant announced yesterday.

Starting her career at Gree as a sales representative, Dong has worked at the company for 35 years, becoming president in 2007 and chairwoman in 2012. Under her leadership, Gree has transformed from an air conditioner maker into a conglomerate with businesses spanning smart equipment, industrial robots, and new energy, with annual revenue of over CNY200 billion (USD27.4 billion).

Zhang joined Gree in 1999 and has served as a director since 2019. He has also held key positions including party secretary and vice president.

In a February television interview, Dong revealed that three to four potential candidates had been identified to eventually succeed her. They were being rotated through various roles to assess their suitability for leading Gree into the future, she said.

Gree’s newly formed board consists of five directors and four independent directors, including two new members: Vice President Shu Lizhi, 55, and Chief Engineer and Assistant to the President Zhong Chengbao.

Zhong, the youngest board member, graduated from Harbin Institute of Technology in 2008 with a degree in mechanical design and automation. He oversees Gree’s intelligent equipment division.

Following Gree’s 2019 mixed-ownership reform, the company no longer has a controlling shareholder. Its largest stakeholder is a Hillhouse Capital-managed investment fund, which has a 16 percent stake. Dong, who has 1.8 percent, is the sixth-largest owner, though her influence extends beyond her equity holding, as she and the Hillhouse fund are considered persons acting in concert.

Editors: Dou Shicong, Emmi Laine