Fosun CEO Liang Xinjun Steps Down, Citing Health Reasons
(Beijing) — Liang Xinjun, CEO and vice chairman of financial conglomerate Fosun International Ltd., has resigned, citing health reasons, after leading the company for 25 years.
The announcement was made in a statement to the Hong Kong Stock Exchange on Tuesday night.
Ding Guoqi, executive director and senior vice president, also stepped down to “devote more time to family commitments.”
Liang, 48, co-founded the company in Shanghai with Chairman Guo Guangchang and other members in 1992 and has helped turn the company into a global acquisitive conglomerate, whose businesses include Portuguese bank Banco Comercial Portuges and One Chase Manhattan Plaza in New York City. Wang Qunbin, another executive director, will replace Liang as CEO.
“Now, looking back, I’m thinking this is like climbing mountains,” Guo said in a letter to employees that addressed Liang’s resignation. “Sometimes I don’t consider if other people are tired. … All I have been thinking is that the team can walk farther together. But in reality, some team members now need to take a break.”
The resignations of Liang and Ding will have some impact on the company in the short term but “we have to turn bad things into good news,” Guo told reporters and analysts in Hong Kong on Wednesday.
The personnel reshuffle was announced shortly after the company released its annual earnings report. Its profit hit a record high of 10.27 billion yuan ($1.49 billion) in 2016, a year-on-year increase of 27.7%.
Fosun’s stock dropped 2.7% to HK$11.42 ($1.47) at the start of trading but bounced back to HK$11.88 at 2:20 p.m.
Contact reporter Chen Na (firstname.lastname@example.org)
Feb 22 03:07
Feb 21 14:54
Feb 20 17:29
Feb 20 15:19
Feb 20 14:58
Feb 20 12:44
Feb 20 10:56
Feb 20 05:55
Feb 19 17:55
Feb 19 15:55
Feb 19 13:28
Feb 19 10:54
Feb 19 07:33
Feb 18 17:00
Feb 18 16:06
- 1Four Deaths in One Family Show Danger of Wuhan’s Home Quarantine Policy
- 2Coronavirus Among Medics More Widespread Than Reported, Research Shows
- 3Coronavirus Sunday Update: Taiwan Reports First Death, Wuhan Virology Institute Denies Rumors
- 4Coronavirus Tuesday Update: Cabinet Waives Employers’ Welfare Contribution, First Biopsy Study Unveils How Covid-19 Hurts Patients
- 5Coronavirus Friday Update: ‘No Turning Point Yet,’ Politburo Meeting Finds; Cases in Iran ‘Worrisome,’ WHO Says
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas