Showdown at GOME
The strength - and limits – of founder control in PRC investee companies received a sharp demonstration last week as major shareholders ostensibly connected to Huang Guangyu – founder of GOME Electrical Appliances and at that point awaiting trial in China – tried to unseat Jonathan Zhu, Ian Reynolds and Wang Li Hong, the Bain Capital team appointed as non-executive directors after Bain’s $418 million investment in the electronics retailer last year.
But as the prompt action of the current GOME board showed, Huang’s efforts to exert his influence, even from custody, were harshly rebuffed. Attempted coup and response The drama began at Hong Kong-listed...
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