Singapore’s well-known food enterprises operating brands such as ready to eat cereal gold toast and instant coffee cafe21 in China have welcomed a new leader.
Yesterday, Xiaoshi Dai confirmed from viz branz that the company appointed Zhong Tingyi as the new CEO from October 8.
When introducing Zhong Tingyi, the company said that before joining the company, he was the CEO of Vitasoy group in China with a revenue of more than US $950 million, and the Chinese mainland market accounted for more than 65% of the total revenue of Vitasoy group. In addition, he has accumulated more than 20 years of management experience in FMCG multinational companies including Johnson & Johnson, kraft and Danone. He also served as vice president of China Association for foreign investment and vice president of China Beverage Industry Association.
Zhong Tingyi, new CEO of weichi food group
After leaving Vitasoy, the “veteran” of FMCG industry officially started his new career journey.
“Weichi Pinshi is one of the local famous food brands. I am honored to join the company as CEO. Many of our products are deeply trusted by consumers, especially in China and Southeast Asia. Weichi Pinshi has been deeply rooted in China for more than 30 years, and we believe that China has great commercial potential,” Zhong Tingyi said through a circular of the company.
He said that in the future, weichi Pinshi will continue to develop the Chinese market, continue to invest in China and further accelerate its development through capacity-building, digital transformation, product innovation, consumer participation, market expansion and potential acquisition.
In the Chinese market, especially in South China, the brand of this foreign-funded food company founded by Zhuang kunping, a Malaysian Chaozhou businessman, has a good reputation.
Statistics show that weichi food group was established in Singapore in 1988 and has a diversified product portfolio, including instant beverage brands gold toast and cafe21. Its products are produced in China, Singapore and Myanmar. Through more than 30 years of construction and expansion, the company has established an extensive and highly competitive distribution network.
According to reports, in instant cereals and other categories, weichi food has maintained a good market performance in South China (Guangdong, Zhejiang, Fujian and Hainan) with a population of more than 200 million for many years. In addition, the company not only has a strong distribution network in China, but also has established a solid position in Myanmar and other Southeast Asian markets, and has become the first mixed brand of instant cereal, coffee and tea in Myanmar and the first mixed brand of coffee in Cambodia.
However, with the emergence of emerging brands, this old food and beverage giant is also facing many challenges. For example, in the cereal market, the snack generation has noticed that many cutting-edge brands such as Ozark, haomaiduo and Wang Satin have emerged in recent years; At the same time, the product innovation of giants has become more and more active, including Quaker Oats under PepsiCo.
Yesterday, the leading instant cereal and beverage manufacturer and distributor with businesses in China and Southeast Asia said that since the acquisition of weichi food by Asia Food Growth Fund and Investcorp, the board of directors began to find a new CEO to lead the development of the next stage of the brand.
According to the briefing, Asia Food growth fund is a private equity fund focusing on investing in brands in diversified food related fields in Asia. It is jointly established by Investcorp, China Resources Group, one of the world’s largest food brands and distributors in Greater China, and Fung Strategic Holdings Limited, a private investment company of Feng family.
The fund focuses on capturing potential growth and market opportunities in the highly fragmented food industry in Asia and aims to jointly invest in brands in condiments, packaged foods and healthy snacks with partners. Weichi food is the first investment made by Asia Food Growth Fund I in November 2020. The fund then invested in City super group and heritage foods.
Investcorp is a global investment management company established in 1982, focusing on alternative investments in private equity, real estate, credit, absolute return strategy, GP equity and infrastructure. Its business covers 12 countries in the United States, Europe, Asia (including India, China and Singapore). As of June 30, 2021, the total asset management scale of Investcorp group was USD 37.6 billion.
For the new CEO who took office, Hazem Ben gacem, chairman of the board of directors of weichi food, CO CEO of Investcorp and chairman of the Investment Committee of Asian food growth fund, commented that Zhong Tingyi had made outstanding achievements in promoting the growth of FMCG business, “His keen strategic vision, international FMCG experience and exquisite operation skills will promote weichi food to open a new chapter of profit growth.”
”The board of directors is very pleased that Zhong Tingyi has become the new CEO of weichi Pinshi. ” Hazem Ben gacem said, “we are very pleased to join Mr. Zhong Tingyi and will continue to provide him with support. We believe that under his leadership, the strong team established by weichi Pinshi in the past 30 years will go to a higher level.”
Zhang Tianwei, chief investment officer of China Resources Capital Management Co., Ltd. and chairman of Asia Food growth fund, said that Zhong Tingyi was “warmly welcomed”. “He has rich experience in the FMCG industry and has created impressive performance. His strategic vision, operation experience and rich contacts will become an important asset for the future development of weichi Pinshi.”
“The product life cycle of the food industry is getting shorter and shorter, and consumers’ needs are updated and iterated. I believe that weichi Pinshi will further consolidate its market position under the leadership of Zhong Tingyi and enter the next exciting stage of growth and development.” Zhang Tianwei said that weichi Pinshi will benefit from the “enthusiasm, creativity and leadership” of the new CEO.