NVC founder strikes back
Updated: 2012-09-05 16:53
By Cai Xiao (chinadaily.com.cn)
Wu Changjiang, founder and former chairman of NVC Lighting Technology Corp, will return to the company and lead a temporary commission that will manage its day-to-day operations, according to an announcement on the company's website.
Wu left NVC Lighting — China's largest lighting company — in May after disagreements with other investors regarding the company's operations.
In addition to Wu, the commission comprises Zhu Hai, a non-executive director of the company and president of Schneider Electric China, Zhang Kaipeng, chief executive officer of the company, Mu Yu, an executive director and a vice-president of the company, Wang Minghua, a vice-president of the company, and Tan Ying, chief financial officer of the company.
The company's revenue in the first half of 2012 was $256 million, down 4.1 percent year-on-year, and its net profit in the first half was $6.47 million, down 83.7 percent year-on-year, according to its interim business performance report.