Mengniu Reshuffles Leadership as Profits Sour

(Beijing) — China Mengniu Dairy said it has replaced its CEO and three board members because its largest stockholder, COFCO Corp., was unhappy with the company's first-half performance.

The country's second-largest milk producer said last week that CEO Sun Yiping had resigned due to "personal reasons." Lu Minfang, who headed the company's baby-formula subsidiary, Yashili International, was named the new CEO on Sept. 15.