The resignation of China Construction Bank (CCB) president Chang Zhenming is part of a larger management reshuffle at the top of the country's financial sector triggered by the impending retirement of the chairman of state investment conglomerate Citic. Chang is set to fill the vice-chairman and president role at Citic in place of Kong Dan who will become chairman of the group following the retirement of incumbent Wang Jun, the South China Morning Post reported. Chang's place at CCB will be taken by Zhang Jianguo, president of Bank of Communications (BOCOM). The Chinese system by which the Communist Party puts senior officials at the head of state-owned companies is criticized in the West as it often sees bureaucrats become business managers, theoretically undermining the state's policy of reducing its influence over the corporate world. In the case of Zhang, Kong and Chang, all are to remain in the corporate sector but they have spent a considerable period of time on the management merry-go-round. Prior to CCB, Chang spent 12 years at Citic, while Zhang was an employee at Industrial and Commercial Bank of China before joining BOCOM.