The 11-member supervisory board and 12-member management board were reorganized into the 7-member committee of directors, completing the shift to single-tier management. The company says this will ensure more effective governance.

The former members of the management board, Lan Lin and Chao Liu, have been appointed as the chief managing directors, while the former CEO, Franjo Bobinac, has been appointed as managing director and the chairman of the committee of directors.

The former supervisors, Yeguo Tang and Shaoqian Jia, and one former board member, Žiga Debeljak, have become the managing directors as well. All of them have been appointed for a five-year term.

"By reorganizing Gorenje into a limited liability company, we are finishing a successful process of finding a strategic owner. Gorenje is in that respect a consolidated company now, and with Hisense as a new owner and through a simplified management, we are laying the foundations for the development of the Gorenje Group and its brands, and thus securing the future of more than 11,000 employees," Bobinac said.