Fu Chengyu, CEO of China National Offshore Oil Corp (CNOOC; CEO.NYSE, 0883.HK) has resigned his position to make way for new leadership, the Financial Times reported. Fu, 59, who will remain chairman of the board, is to be succeeded by Yang Hua, currently president and CFO. The announcement came as CNOOC reported first-half net profit of US$3.8 billion, up 110% year-on-year. Production also rose 40.8% during the period. Yang, 49, who was involved in CNOOC’s listing in 2001 and formerly ran the company’s Southeast Asia operations, is likely to maintain a focus on international expansion. Under Fu’s tenure, CNOOC failed in its bid for US-based firm Unocal, but picked up a host of other overseas assets, including a 50% stake in Argentina’s Bridas Energy for US$3.1 billion. Similar reshuffles have taken place at other state-owned firms as the regulator pushes for the roles of CEO and chairman to be separate.
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