Caixin
Aug 26, 2021 06:51 PM
BUSINESS

Departed Sinotrans Chairman to Take Job at Another Subsidiary of China Merchants Group, Source Say

What’s new: The recently resigned chairman of one of the world’s largest logistics firms, Sinotrans Ltd., will take a position at another company owned by its parent China Merchants Group Ltd., possibly China Merchants Hoi Tung Trading Co. Ltd., sources close to the matter told Caixin.

Li Guanpeng gave up all his positions at Sinotrans, including his seat on the board and the chairmanship of its strategy committee, when his resignation took effect Wednesday, according to a company announcement (in Chinese). Sinotrans is currently seeking a replacement.

The company’s party committee secretary is looking at Sinotrans’ current General Manager Song Rong as a possible replacement, the sources said.

On Tuesday, Sinotrans announced it had renewed Song’s general manager contract.

In 2020, Sinotrans ranked third among top global freight forwarders on a list published by Armstrong & Associates.

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

Contact reporter Manyun Zou (manyunzou@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)

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