五粮液换帅：唐桥的2009

The public company Wuliangye Co. Ltd. was actually controlled and managed by three parties, including the Yibin municipal government, the Wuliangye Group, and the Sichuan provincial government. The provincial government held the personnel rights of the public company, and the municipal government was its actual controller, while the company was managed by the parent group. Under this complicated system, frequent interconnected transactions happened between the public company and the parent group, and the municipal government forced the public company to be overly diversified. In addition, Mr. Qiao Tang, as the outsider sent by the provincial government, faced the challenge of succeeding smoothly Mr. Guochun Wang, the group chairman. These factors led to a crisis faced by the public company in 2009. Mr. Tang needed to consider how to fix the company’s governance system and deal with the difficult issue of succession, as well as turn around the market performance of the public company.