(Yicai) June 17 -- The son of Midea Group's founder was not selected among the members of the Chinese home appliance giant's fifth board of directors.

He Jianfeng, 57, lost his director position after 12 years, as Midea’s fifth board will be composed of President and Chairman Fang Hongbo and nine others, the Foshan-based company announced on June 14.

He founded Infore Group in 1994. The firm invests in consumption, environment, culture, asset management, and science and technology scenarios. Last November, Infore spent CNY10.3 billion (USD1.4 billion) to acquire a 29 percent stake in Jason Furniture, taking control of the home furnishing company.

Midea's founder He Xiangjian retired in 2012. However, he remains the firm's largest shareholder, with a stake of over 31 percent.

He Xiangjian, 82, attended the opening ceremony for Midea's new headquarters building on May 30, while his son was absent.

Fang, 57, joined the company in 1992. Since he replaced He Xiangjian as chairman and president in 2012, Midea’s net profit and revenue soared 920 percent and 264 percent to CNY33.7 billion and CNY373.7 billion (USD51.5 billion), respectively. Fang is the firm’s fourth-largest shareholder, with a 1.7 percent stake.

Midea's Vice President Wang Jianguo, who is also the head of the company's smart household business group and international business, is considered to be one of the best candidates to succeed Fang.

Editors: Dou Shicong, Futura Costaglione