Fu Yuning will succeed Qin Xiao as the new chairman of China Merchants Group, the Wall Street Journal reported. Fu, who acted as president of the group for 10 years, will be replaced by Li Jianhong, the former executive vice president of China Ocean Shipping (Cosco). Qin, who has acted as chairman of the group since late 2000, will retire. The group declined to say when the personnel succession would occur. CMG’s listed units include port operator China Merchants Holdings (International) (0144.HK) and China Merchants Bank (600036.SH, 3968.HK), the country’s sixth-largest lender by assets, which raised US$3.18 billion in a rights issue in April. There have been a spate of management changes at state-owned enterprises recently, including China National Offshore Oil Corp (CEO.NYSE, 0883.HK) and China Mobile (CHL.NYSE, 0941.HK).
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