Fo­sun CEO, vice-president re­sign

New Straits Times - - Business -

HONG KONG: Fo­sun In­ter­na­tional Ltd, one of China’s most ag­gres­sively ac­quis­i­tive con­glom­er­ates, said its chief ex­ec­u­tive and vi­cepres­i­dent stepped down in a sur­prise reshuf­fle that had raised con­cerns over the group’s strat­egy.

The res­ig­na­tion of co-founder and chief ex­ec­u­tive Liang Xin­jun and se­nior vice-president Ding Guoqi would have some im­pact on the leisure-to-in­sur­ance group, one of China’s largest pri­vately held firms, said chair­man and fel­low co-founder Guo Guangchang.

Liang was re­placed by fel­low co-founder Wang Qun­bin, said the com­pany, whose busi­nesses in­clude French leisure group Club Med and en­ter­tain­ment com­pany Cirque du Soleil.

Ding, a long-time board mem­ber and for­mer chief fi­nan­cial of­fi­cer, stepped down from the group due to fam­ily com­mit­ments, said the com­pany in a state­ment to the Hong Kong ex­change late on Tues­day.

Un­usu­ally for a Chi­nese com­pany, Liang and Ding will have no hon­orary po­si­tion in the firm.

Sev­eral sources said there had been grow­ing ten­sions be­tween Guo and Liang. Yes­ter­day, Guo said he had been es­pe­cially “hard and de­mand­ing” on Liang but said he, Liang and Wang re­mained as close as ever.

Liang had been in­stru­men­tal in driv­ing the group’s ac­qui­si­tion strat­egy, tak­ing on a more prom­i­nent role as Guo be­came em­broiled in an in­ves­ti­ga­tion on the Chi­nese main­land in 2015.

Tues­day’s reshuf­fle came as the group re­ported a net profit jump of 28 per cent to a record high of over 10 bil­lion yuan (RM6.41 bil­lion). Reuters

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