China-Singapore Jingwei client, June 15 (Gao Xiaozhong) The post of chairman of a listed company is glorious, but now they have also joined the "resignation army". Behind the intensive departure of the chairman, performance has declined, debts are high, violations of rules and regulations, and internal strife among shareholders are frequent.
The number of chairman departures in the first half of the year exceeded the total of last year
Wind data shows that in 2019, the chairman (including acting chairman) of 271 listed companies left the company. In the nearly half year since 2020, this figure has exceeded the level of last year, reaching 278.
On average, at least one chairman resigns every day, and some of them still resign with a million annual salary, and some still cash out before leaving.
Sino-Singapore Jingwei Gao Xiaoying's drawing of the remuneration ratio of the resigning chairman in the first half of the year
According to the statistics of Sino-Singapore Jingwei reporters, among the chairman who has resigned from 2020 to now, 30% of them have an annual salary of more than 500,000 yuan, 12% of which are more than 1 million. The highest annual salary is Yu Yapeng, the former chairman of CITIC Special Steel. The annual salary is 9.68 million yuan.
It is worth noting that among the resigned chairman, there are also groups with an annual salary of less than 100,000 yuan, involving companies including Chaohongji, Jin Qilin, Jiajia Food, Guanghui Logistics, Tianxiang Environment, Lingyun Co., China Mining Resources, *ST Gangtai.
Reasons behind the chairman's departure
According to the announcement, most of the chairman's departures are due to routine reasons such as job transfers, general elections, personal and family reasons, but some have to leave for special reasons.
"Self-exposed family ugliness" type of resignation. In May 2019, after Xu Lei, the former party committee secretary and chairman of Yunnan Urban Investment Group, took the initiative to submit a case to the Yunnan Provincial Commission for Discipline Inspection, after "self-disclosure and self-disclosure," Yang Tao took over as chairman of Yunnan City Investment Property Co., Ltd.
Yunnan Provincial Commission for Discipline Inspection and Construction Commission official website bulletin
On November 12, 2019, Xu Lei was notified of expelling party membership and public office. After a lapse of one year, Yang Tao, who succeeded him after breaking the rules and regulations, also "applied to resign from the position of chairman of the ninth board of directors, directors and members of special committees under the board of directors for work reasons."
It is worth noting that Yang Tao’s name was prominently listed in the list of Yunnan City Investment Group’s violations of the eight central regulations on mental issues previously notified by the Yunnan Provincial Commission for Discipline Inspection.
According to the report, Yang Tao, deputy secretary, deputy chairman and president of the city investment group, was ordered to refund a total of 6,380 yuan for the amount of the first-class flight that exceeded the standard for 16 violations from 2015 to 2019. On January 3, 2020, Yang Tao was investigated by the party discipline for disciplinary responsibility for violating the spiritual issues of the eight central regulations.
"Tossing a mess" style resignation. On January 8, 2020, Chengdu Tianxiang Environment Co., Ltd. (hereinafter referred to as "Tianxiang Environment") received the written resignation report of Chairman Deng Qinhua and Director and General Manager Deng Xiang (son of Deng Qinhua).
It is worth noting that on the evening of the previous day, Tianxiang Environment announced the termination of the 38 township sewage treatment facilities of the Jianyang Water Bureau to implement the PPP project, with a total investment of more than 1.1 billion yuan.
At the same time, after Tianxiang Environment started the crazy acquisition mode in 2014, according to incomplete statistics, M&A spent a total of about 8 billion yuan. Not only that, the Tianxiang environment also laid out the field of circular economy, and opened the PPP "harvest" mode.
In 2016, Tianxiang's environmental performance ushered in a highlight moment, but the high-growth performance did not last long. In 2018, the situation of Tianxiang Environment turned sharply, and problems such as unpaid debts due to maturity, litigation disputes, and equity freeze emerged.
On December 31, 2019, Tianxiang Environment issued an announcement saying that due to tight financial conditions, some debts were overdue. It is estimated that as of June 30, 2020, the company and its subsidiaries’ financial institutions will have accumulated overdue loans of about 3.74 billion yuan, accounting for -215.86% of the company’s most recent audited net assets.
The 2019 financial report shows that Chairman Deng Qinhua's annual salary was only 46,200 yuan last year. Now that Deng Qinhua has chosen to say it, how can Tianxiang Environment get out of the 3.7 billion yuan debt quagmire?
"Perseverance"-style resignation. On May 16, *ST Shelley issued an announcement that Chai Guosheng proposed to the company and the board of directors to resign from the company's directors, chairman, chairman of the strategy committee and nomination committee.
In fact, this is not the first time Chai Guosheng resigned. As early as February 2019, he requested to resign as chairman of the listed company with "personal physical reasons". This dissatisfied the company's creditors who were in debt crisis.
Therefore, after only 10 days, Chai Guosheng submitted the "Notice on Recovering the Resignation Report", which stated in the notice, "Some creditors of the company cannot fully understand the reasons for their resignation and are worried about the company's debt."
According to public information, as of May 15, 2019, the overdue debts of *ST Shelley and its subsidiaries totaled 121 million yuan, and listed companies were caught in a series of problems such as litigation, arbitration, and bank account freezing due to debt overdue.
This time, Chairman Chai Guosheng finally managed to "throw away", but the company's debt problem remained unsolved. As of April 30, 2020, *ST Shelley’s overdue principal of debt was about 364 million yuan, and the total of unpaid interest, penalty and penalty interest was about 39.878 million yuan.
"Seek the dream" type of resignation. On the evening of April 13, Kunlun Wanwei issued an announcement that the board of directors recently received a written resignation report from Chairman Zhou Yahui, saying that he needed to resign as chairman because of the need to invest more time and energy in the personal entrepreneurship project Opay.
Kunlun Wanwei official website
According to the 2019 annual report, Zhou Yahui's annual salary reached 1.8075 million yuan, ranking ninth in the current annual salary of the departing chairman.
Part of the list of retired chairman of A shares and annual salary summary from 2020 to present
However, Zhou Yahui with a million annual salary is not satisfied. On February 7, just before submitting his resignation, he announced that he planned to reduce the company's shares through centralized bidding and block trading within six months of 15 trading days from the date of the announcement.
As of June 10, Zhou Yahui had reduced its holdings of 33.7779 million shares in Shenzhen Stock Exchange through auction trading and block trading. The shareholding ratio after the equity change was 12.61%. A total of 640 million yuan was reduced before and after cash reduction.
According to the analysis of Zhongtai Securities, behind the frequent departures of some listed company chairman and other executives, there may be a "spitfire" phenomenon. When a listed company faces a decline in performance and a significant risk in its operating activities, changing management personnel has become a way for the company to find a scapegoat.
How to prevent the departure of the chairman of "Stepping on Thunder"
Even if every family has a hard-to-read experience, but after all, investors cast real money. The chairman of the listed company is the helm of the company, and the change of this position can easily touch the nerves of investors.
According to statistical data, the only two companies that appeared after the chairman's resignation in the first half of the year had accumulated "a deviation of 15% or more over three consecutive trading days", namely Lingyun and *ST Gangtai. Judging from the market's past reaction, the resignation of the chairman has little effect on the stock prices of related companies.
According to media reports, the impact on the resignation of the chairman mainly depends on the reasons for his resignation and the company's future development expectations. If the chairman leaves due to negative news, accompanied by a sudden exposure of internal problems, the stock price of the relevant company may fall sharply in the short term. If there are problems with the company's previous business strategy and philosophy, after replacing the new chairman, the business situation may improve and the market will often give a positive response.
Huarong Securities said that the reasons for the departure of executives announced by listed companies are usually vague. Therefore, investors need to carefully identify the real reasons for the departure of executives of listed companies, especially those listed companies that have resigned in large numbers in a short period of time. It may be a signal that the listed company is about to undergo asset reorganization, or it may be a harbinger of a substantial adjustment of the listed company's business strategy. These factors may affect the stock price of the listed company.
Guotai Junan analysis believes that the resignation of executives of listed companies intensively for personal reasons has a negative impact on the A-share market, which is mainly reflected in three aspects. The first is psychological aspects. Compared with ordinary shareholders, the executives of listed companies are sure To understand the situation of the company itself, the executives are not optimistic about their own company and run away, which naturally suppresses the confidence of ordinary investors. Second, the intensive resignation of executives is not conducive to the continuity and stability of listed companies' business models and market strategies, and affects the sustainability of listed companies' future performance growth. Third, the resignation of executives is often a precursor to reductions. In the context of no obvious economic improvement, the large number of chips sold and cash out of the stock market will worsen the already tight A shares. (Sino-Singapore Jingwei APP)
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