(Yicai Global) Aug. 22 -- Zhuhai Municipal Government, in China's southeastern economic powerhouse, Guangdong province, has installed Li Xupeng as Communist Party of China chief at state-owned Gree Electric Appliances Inc. [SHE:000651], the country's biggest air-conditioning manufacturer and in which it is a major shareholder.
Li will also serve as deputy party chief of the company's controlling shareholder, state-owned Zhuhai Gree Group Co., online media outlet ThePaper.com.cn reported. He was previously deputy head of Zhuhai's science & technology and industry information bureau.
The city's State-Owned Assets Supervision and Administration Commission approved the establishment of a CPC committee in the company last year, though the party chief position had long been vacant.
Gree Electric is a successful home appliances maker and its chair and president, Dong Mingzhu, is a renowned female entrepreneur in China.
Gree Group is Gree Electric's largest shareholder with an 18.22 percent stake. Dong left her position as Gree Group's chair last October on grounds that a listed company and its parent group should not have the same chair.