BOC credit risk chief quits

Bank of China's US-born credit risk chief announced his impending resignation a month before the bank started marketing its US$9.7 billion Hong Kong initial public offering, the South China Morning Post reported. Lonnie Dounn, 53, said his resignation 18 months after his appointment was for personal reasons. He was the first non-Mandarin-speaking foreigner to manage credit and market risk at a major mainland bank. Risk management improvements were seen as one of the top concerns during the bank's IPO, the largest in the world since 2000. Dounn's resignation will become effective in September, giving BOC time to find a replacement. Dounn may have been among the bank's five highest-paid officials with a package of about US$1.1 million per year.