China: Tsingtao Brewery appoints Jin Zhiguo as Chairman

Tsingtao Brewery Co., Ltd. appointed Jin Zhiguo, vice chairman of the board and president of the company, as chairman of the board after Li Guirong retired, announced China's largest brewer, according to SinoCast, June 16.

Apart from Li Guirong, the former chairman, and Yuan Lu, secretary of the chairman, there are six executives that retired from the company this time. And the Shanghai-listed company appointed Sun Mingbo, the former executive vice president and executive director, as president of the company, and Yan Xu, who was in charge of marketing, as vice president and president of the marketing center.

In a crucial period of integration and expansion, the brewer needs new chiefs to help it expand in the domestic market. It plans to sell 5.7 billion tons of beer in 2008, of which 2.2 million tons are under the Tsingtao brand. And it intends to distribute CNY 0.22 pre-tax cash bonus for every share.

17 June, 2008