China Express Delivery Billionaire Leaves Alibaba-Backed ZTOChina
billionaire Lai Jianfa has left the board and his other positions at ZTO, one of China’s largest express delivery businesses.
Lai’s resignation was approved by the board of directors on Friday, and came after ZTO announced an
increase in first-quarter profit.
Lai
“tendered resignation to the board of directors of the company seeking to resign, for personal reasons, from his positions with the company,” ZTO said.
ZTO Chairman and CEO Lai Meisong will assume Jianfa Lai’s responsibilities as
vice president of operations, said ZTO, which is approximately 9% controlled by China e-commerce heavyweight Alibaba.
The Shanghai-headquartered company said revenue in the three months to March
rose by 22.1% from a year earlier to 7,9 billion yuan, $1,25 billion.
Lai Jianfa, 53, is
worth $1.6 billion on the Forbes Real-Time Billionaires List today; Lai Meisong, 51, is
worth $5.2 billion.
