Shanghai Pharmaceuticals (SPH; HKG: 2607; SHA: 601607), one of the leading pharmaceutical giants in China, has announced significant leadership changes. Yang Qiuhua has been appointed as the new Chairman of the 8th Board of Directors, following the resignation of the former acting chairman, Yao Jiayong. Yao has stepped down from all his positions, including director and vice-chairman, and will no longer hold any roles within SPH or its subsidiaries.
Yang Qiuhua, who holds a Master’s degree in Pharmaceutical Engineering from East China University of Science and Technology, brings a wealth of experience to the role, having previously held senior management positions at companies such as Shanghai Sunve Pharmaceutical Co., Ltd, and SIIC Investment Co., Ltd.
The leadership change comes in the wake of the previous chairman, Zhou Jun’s, “double expulsion” on March 15, 2024. Zhou was removed from his company position and expelled from the party due to serious violations of official duties, suspected corruption, and bribery. According to “Lianjieshanghai,” the official WeChat account of the Shanghai Municipal Commission for Discipline Inspection of the CPC, Zhou committed multiple acts of disciplinary and legal violations, including the unauthorized payment for Unapproved Projects, putting state-owned assets at risk, and colluding with unscrupulous businessmen to embezzle state-owned assets on a large scale.
SPH has been under regulatory scrutiny since September 2023, with investigations into former vice-president Gu Haoliang, former vice-president Pan Deqing, and Zhou Jun. The company has been taking steps to address these issues and ensure compliance with regulatory standards.- Flcube.com
