Citic unveils new board line-up
Citic has appointed its parent’s vice chairman Wang Jiong as its vice chairman and president, as part of wider top management reshuffle.
Citic, which last month completed the 227 billion yuan (HK$286 billion) acquisition of assets from parent Citic Group that saw 99 per cent of the group’s assets absorbed by Hong Kong-listed Citic, has appointed its parent’s vice chairman Wang Jiong as its vice chairman and president, as part of wider top management reshuffle.
President Zhang Jijing has been re-designated vice president of Citic, the central government’s first overseas investment arm, Citic said in a filing to Hong Kong’s stock exchange. The changes take effect on Friday.
Dou Jianzhong, currently executive director of Citic Group and chairman and chief executive of Citic International Financial Holdings, has been appointed an executive director and vice president of Citic.
Vernon Moore has resigned as an executive director and chief financial officer, after having been a director of Citic since 1990.
The CFO position will be taken up by Ju Weimin, who has resigned as non-executive director.
Carl Yung Mingjie, former chairman Larry Yung Chi-kin’s eldest son, has resigned as a non-executive director of Citic after having been a director of the firm since 2000. He is the last member of the Yung family, formerly a substantial shareholder of Citic, to resign from its board.
Larry Yung resigned in 2009, less than a week after Citic’s offices were searched by the Commercial Crime Bureau, and six months after the firm was criticised for delaying by six weeks announcing it faced a potential HK$15.5 billion loss from high-risk foreign-currency hedging trades.
