Citic Securities has announced that its chairman and Communist Party committee head, Wang Dongming, will retire and be replaced by a senior executive at the company, Caixin reported. Wang has been at the company since it was established in 1995, and served as the firm’s chairman since 2002, driving expansion as part of a pledge to build the firm into a “Chinese version of Goldman Sachs”. Wang’s exit comes as three of Citic’s most senior executives – among them general manager Chen Boming – and four department heads have been detained by police since August on charges of breaking securities laws including insider trading and divulging confidential information, according to state media.
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