Chen Xiao, the chairman of Gome Electrical Appliances, has resigned in a sign that the drawn-out battle between senior management and the company’s imprisoned founder, Huang Guangyu, could be drawing to a close.
The Huang family controls 30 per cent of the shares in Gome, one of China’s biggest retailers, and has been locked in a bitter contest over the company with management and Bain Capital, which took a 10 per cent stake in 2009.
That struggle is being led by Mr Huang from jail, where he is serving a 14-year prison sentence handed down last May by Chinese courts for insider trading and bribery.
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