- Push-out Score determined
- After 24 years in the position
- Praise and thanks for Ni
- Dual Chief Executive Officer role eliminated
- Peter Zhang becomes sole Chief Executive Officer
(exechange) — City of Industry, California, February 25, 2021 — Zhou Min Ni, co-chief executive of HF Foods, leaves. As announced by HF Foods Group Inc. in a news release and in a regulatory filing published on Thursday, February 25, 2021, Zhou Min Ni has left his post as co-chief executive officer at the food distributor to Asian/Chinese restaurants after 24 years in the role, effective February 23, 2021.
HF Foods eliminates the dual Chief Executive Officer role. Xiao Mou (Peter) Zhang will be sole Chief Executive Officer.
“A particularly difficult year for the foodservice industry”
HF Foods did not give an explicit reason for Zhou Min Ni’s departure from the Co-CEO post, leaving room for speculation. Peter Zhang said: “I whole-heartedly thank Mr. Ni for his support and leadership and look forward to leading the Company to greater heights after a particularly difficult year for the foodservice industry.”
Precise information regarding Zhou Min Ni’s future plans was not immediately available.
“Resignation”
HF Foods said: “HF Foods Group Inc. (NASDAQ: HFFG), a leading food distributor to Asian/Chinese restaurants across the Southeast, Pacific and Mountain West regions of the United States (“HF Group” or the “Company”), announces the voluntary resignation of Mr. Zhou Min Ni as Co-CEO, board member and chairman of the board of directors of the Company effective February 23, 2021.”
Share price decline since February 2020
The announcement follows a decline in HF Foods Group Inc.’s share price of 54% since February 2020.
In the position of CEO since 1997
Zhou Min Ni became CEO of the Company in 1997.
Zhou Min Ni, together with his wife, Chan Sin Wong, founded HF Group.
Ni has served as Chairman and Chief Executive Officer of HF Group for over 20 years since he founded the business in 1997.
From 1997 to the present, Ni has been responsible for the supervision of the Company’s strategy development, financing, acquisition, business expansion, inventory procurement and vendor management.
Under his leadership, the Company developed into a well-recognized foodservice distributor operating three distribution centers serving over 3,200 Chinese/Asian restaurants in ten states in Southeastern America.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Zhou Min Ni’s move on a scale of 0 to 10.
exechange reached out to HF Foods and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 9.2021 ($).