Chinese property developer Country Garden’s chairwoman made a major change to the firm’s structure of regional presidents only three days after her appointment on March 1.
Under the new regional president reform, there will no longer be one president for each of Country Garden’s 58 regions, as 29 regional presidents with excellent performance will take charge of all 58, according to an internal document on March 3.
Country Garden must find the regional presidents with the strongest capabilities and empower them to maximize their excellent management skills, it said.
Country Garden’s shares fell 3.8% to close at HK$2.52 on Monday, after sliding by as much as 6% during the morning trading session.