State-Owned Financial Giant Citic Group Picks New President

What’s new: State-owned financial conglomerate Citic Group Corp. made Xi Guohua its new president on Tuesday, filling the vacancy left by retired Wang Jiong. The appointment marks the latest development in a fresh round of senior executive changes in the company, sources with knowledge of the matter told Caixin.

Xi, 56, was previously president of state-owned carmaker China FAW Group Co. Ltd.

What’s the background: Citic Group has made other executive personnel changes recently. In March, it made Zhu Hexin, who was then a deputy governor of the People’s Bank of China, its Communist Party chief and chairman.

In May, Citic Group appointed Ren Shengjun (link in Chinese), previously a deputy general manager at insurer China Taiping Insurance Holdings Co. Ltd., as chairman of its board of supervisors.

Citic Group, formerly China International Trust Investment Corp., was established in 1979 with the support of late state leader Deng Xiaoping. It is wholly owned by the Ministry of Finance.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.

Contact reporter Timmy Shen (hongmingshen@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)