Fosun CEO, vice-president resign
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