Bonjour CEO exits, replacement known yet
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Bonjour CEO Cheung Ka Fai has resigned after less than two months in the role, citing “personal career development”. He has been replaced by Wong Iu Ming.
In a statement to the stock exchange, the struggling apparel chain confirmed there was “no disagreement with the board” or other matter relating to the resignation that should be brought to the attention of shareholders.
In May, the husband-and-wife founders of the beauty-products retailer, Dr Wilson Ip Chun Heng and Chung Pui Wan, stepped down from their roles as chairman and CEO, and vice-chairman, respectively. Cheung stepped up from CFO to CEO.
Ming, 65, is currently executive director and deputy CEO of Haifu International Finance Holding Group and holds directorships of Global Leather Intelligence, China Leather Intelligence, Innogy Global, Haifu China Petrochemical Group. He is a past GM of the Internal Audit of Urban Renewal Authority.
He also has experience in risk controls, finance and administration, and the internal audit of both large Hong Kong public bodies and multinational conglomerates.
Previous Bonjour CEO Cheung, 45, has been with Bonjour since August 2012 and has more than 20 years’ experience in audit, finance, and business advisory.
In March, Bonjour Holdings reported a sales decrease of 18.7 percent for the 2019 fiscal year, following a 7.3-per-cent decline in 2018. The company’s annual loss attributable to shareholders ballooned from US$5.1 million in 2018 to $16.7 million last year.
Questions & Answers
Q.What reason did Cheung Ka Fai give for his sudden departure from the CEO role at Bonjour?
What reason did Cheung Ka Fai give for his sudden departure from the CEO role at Bonjour?
Cheung Ka Fai stated "personal career development" as the reason for his resignation. The company confirmed there was no disagreement with the board or other matter to disclose to shareholders regarding his exit.
Q.What is the new CEO's background before joining Bonjour?
What is the new CEO's background before joining Bonjour?
Wong Iu Ming is currently executive director and deputy CEO of Haifu International Finance Holding Group. He also holds directorships in several other companies and has experience in risk controls, finance, administration, and internal audit.
Q.How have Bonjour's financial results performed recently?
How have Bonjour's financial results performed recently?
Bonjour Holdings reported an 18.7 percent sales decrease for the 2019 fiscal year, following a 7.3 percent decline in 2018. The annual loss attributable to shareholders also significantly increased from US$5.1 million in 2018 to US$16.7 million last year.
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