CICC ushers in changes at the top

China International Capital Corporation (3908) announced that Shen Rujun has resigned as chairman and non-executive director.

On the recommendations of state-owned investment company Central Huijin Investment, Chen Liang, the chairman of China Galaxy Securities (6881), will assume the positions held by Shen.

Along with Shen, CICC's chief executive Huang Zhaohui is also stepping down as he has reached retirement age. His responsibilities will be taken over by Wu Bo, who will serve as acting CEO.

Meanwhile, China Galaxy Securities announced that chairman Chen has resigned due to work arrangements and vice chairman and president Wang Sheng will assume the responsibilities of chairman.

According to an analysis by mainland media Yicai, nearly 20 securities firms in mainland have chairmen or CEOs who are approaching retirement age.