Revolutionary Rotating Presidency Mechanism to Propel NAR to New Heights

On May 31, 2024, after extensive deliberation among the management team, the long-anticipated rotating presidency mechanism finally emerged. The company reached a consensus and passed a resolution to implement this innovative reform. The first rotating president and co-rotating president have been appointed, and the mechanism will officially take effect on June 1, 2024. This milestone initiative draws inspiration from the best practices of successful companies such as Huawei and is tailored to the operational and developmental needs of Shanghai NAR Industrial Co., Ltd..

Five candidates for the rotating presidency, chosen from among the current vice presidents and presidential assistants, will form the Rotating Committee. The top three major shareholders will not participate in the rotation. The initial term will appoint one rotating president to lead the Rotating Committee for a duration of six months. A co-rotating president will assist the rotating president in their duties, while the other three members will actively engage in corporate governance to ensure the seamless operation of the mechanism. This system not only promises steady governance but also maintains a competitive edge by allowing orderly rotation and succession.

The rotating president oversees the comprehensive work of the company's digital materials business sector, ensuring the day-to-day operations and management of the company's core business. This role assists the chairman in formulating the company’s strategic planning, annual work plans, and financial budgets, and monitors their execution. The rotating president also coordinates and promotes key company projects to ensure effective implementation, addresses internal management issues, optimizes management processes, and enhances organizational efficiency. The current rotating president leads and motivates various business and functional departments to be market-oriented and customer-centric, focusing on practical issues related to product quality, order fulfillment, and technology-driven research and development, ensuring the achievement of annual business targets.

The board of directors and the chairman grant the rotating president and the co-rotating president full operational management authority. The rotating president has the right to evaluate the performance of all business and functional departments, allocate equity incentive resources, and make decisions on talent promotions. The company has also established a special incentive plan for the rotating president team, encouraging them to aggressively advance various initiatives under the guidance of the board and company values, and to elevate the levels of its operational management.

NAR Industrial’s implementation of a rotating president management model is not a trend-chasing move but a significant management reform conducted after careful consideration and pilot simulations by the company’s founding shareholders and executive team. This initiative aligns with the needs of the company at its current developmental stage. Furthermore, it represents an innovative practice in the company’s talent selection and development mechanisms, enhancing the overall awareness, comprehensive coordination, decision-making capabilities, and leadership skills of the senior management team, thereby fostering outstanding business management talents within the company.

The journey is long, but only through hard work can we achieve our goals! The rotating president mechanism marks a new starting point for the company’s operations and management, and it is sure to help NAR achieve even greater success on its path of development!

 

▲ First Rotating President Tao Fusheng                                   ▲ Co-Rotating President Du Penglin

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