Three of the most powerful people doing e-commerce in China have retired.
Pindo released its 2020 earnings report today, with users approaching 800 million and annual revenue of nearly 60 billion. The report card was supposed to make shareholders close their legs. But the letter from Chairman Huang Zheng to shareholders that came with the earnings report took the crowd by surprise.
Huang Zheng, who had resigned as CEO in July last year, today officially handed over the position of chairman to co-founder Chen Lei as well. While he himself will be more combined with his personal lifelong interest in the field of Food science and Life science.
Touching a stone in ten years.
Not to raise pigs, right?
Huang Zheng, who owns 30% of the equity and 80% of the voting rights in Poundland, will also lapse after stepping down from all his positions, and his 1:10 super voting rights will lapse, and his name will be handed over to the board of directors for voting decisions, so many people interpret this as a naked retirement.
We are all adults now, can we not be so childish.
First of all, Poundland now has six people on its board of directors, namely the new chairman and CEO Chen Lei, Shen Nanpeng, Lu Qi, Lin Haifeng, Yang Rongwen and Gan Bingliang, who are either Huang Zheng’s comrades and friends, his investors, or the sole director who doesn’t have a share.
Does such a good governance structure look good for the founder to retire naked? But if you read the prospectus of Poundland back then, you should notice that Huang Zheng’s control is a dozen insurance policies.
On June 30, 2018, when Poundland submitted its listing application, there was no AB share structure designed in the company with the same share and different rights, and half a month later, Poundland updated its prospectus to formally establish Huang Zheng’s AB share structure with one vote over ten votes.
This is not the most critical.
Like Ali, Poundland has a perfect partner system. There are many terms inside, and the big star picks the two most important ones.
Deciding on the executive director and electing the CEO.
This structure greatly reduces the power of the board of directors. For example, if there are no more than 5 directors, there should be two executive directors; if there are 6-9 directors, there should be 3 executive directors.
So, even if Huang Zheng does not become chairman and CEO, he does not have the super voting power of one vote for ten votes, but as long as he still controls the partner committee of Poundland, the company is still surnamed Huang.
Huang Zheng, who had a meal with Warren Buffett at the age of 26, later talked about that lunch, saying that what Buffett said was actually very simple, words my mother could understand, and that the greatest significance of the meal for me was that it made me realize.
The power of simplicity and common sense.
So, retirement is not possible, it is not possible to retire in this life.
As for why give up the position, the media have analyzed many reasons, such as the master Duan Yongping is to retire at the age of 40; another example is that this year there are too many negative aspects of Poundland, the sudden death of female employees, engineers exploded, the community group purchase was fined, selling pirated ……
The latter reason does not hold water, okay?
Pindo which year negative not more?
The reason for this is the fact that the company’s employees have been killed in the past.
But the big star vaguely feels that there may be other reasons.
I don’t know if you have read Huang Zheng’s shareholder letter last year, the text is suddenly a bit sad at the end of a few paragraphs. For example, “As a poet wrote: ‘I looked back at the past with cold eyes, only to see its twists and turns of irrigated sorrow and joy, all disappeared in an ancient desert. Then I realized that all my efforts were only the completion of an ordinary life.'”
This is poet and translator Mu Dan’s “Meditation,” written in his own later years.
Before he died in 1977, he put his translations into a canvas suitcase and gave it to his youngest daughter, containing the 81st edition of Don Juan, which was regarded as a classic by countless literary youths.
His original charge, at a seminar at the Foreign Languages Department of Nankai University.
Prepare to speak.
Parkstone said, male comrades must control the “three Ba”. Huang has two big brothers in front of him, one did not control the “chin” of his pants, and the other did not control his mouth, compared to the tail, it is much easier.
Huang Zheng may still want to choose an easy one.
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