China Net Finance, December 12 (Reporter Chen Qiong) The infant formula milk powder industry under the adjustment period is undergoing a new round of reshuffle. On December 11, Mead Johnson China issued an internal letter announcing the change of leadership, with Xiao Jingjing, a senior executive of Primavera Capital, serving as CEO of Mead Johnson China, and Zhu Dingping resigning as president for personal reasons.
The financial reporter of China.com noticed that this personnel change has only been more than 2 years after Zhu Dingping became the president of Mead Johnson's China Business Group. On September 10, 2021, Mead Johnson China announced the appointment of Zhu Dingping as the President of Mead Johnson China Business Group, and officially became a locally owned, locally managed, locally served, and independently operated business group. More than two years later, the United States agreed with China's announcement of a change of leadership.
Song Liang, a senior dairy analyst, told the financial reporter of China.com that since Zhu Dingping became the president of Mead Johnson's China Business Group, he hopes to achieve substantial growth in Mead Johnson's performance in the short term, but due to changes in the market environment, this growth is difficult to achieve.
According to the data, Xiao Jingjing, the new CEO of Mead Johnson China, is the managing director and co-head of the consumer industry group of Primavera Capital, and an insider close to Mead Johnson told the financial reporter of China.com that Xiao Jingjing, an executive of Primavera Capital, is more of a transition as the CEO of Mead Johnson China, and Mead Johnson China is more likely to choose a person who understands the market as the "helmsman" in the industry in the later stage.
In August this year, Wyeth announced a change of leadership, and Qiu Ye, the former head of Nestle's infant nutrition business, will officially serve as the head of Wyeth's nutrition business in Greater China from September 1, 2023. On September 12, Ausnutria Dairy announced that Yan Weibin, the co-founder of Ausnutria, had resigned as the company's executive director, chief executive officer and chairman of the board of directors.
Industry insiders pointed out that the intensive changes in the heads and executives of milk powder companies have a lot to do with the downturn in the overall environment. Affected by the decline in the number of births, the infant formula milk powder market continues to shrink. Nielsen data disclosed that in the first half of 2023, the sales of China's infant formula industry fell further, with infant formula milk powder and infant formula goat milk powder falling by 14 year-on-year respectively0% and 147%。As the infant formula market gradually enters the reduction stage, the market competition will become more fierce in the next few years. Song Liang said that the adjustment of traditional infant milk powder will continue, and for this reason, major companies are laying out the whole family nutrition track.