Fosun chairman set to step back from units
SHANGHAI: Fosun International Ltd chairman Guo Guangchang said he plans to step back his role at group units to focus on mapping out strategy at the acquisitive Chinese conglomerate.
Chief executive officer Wang Qunbin would also “rearrange” his position at Fosun’s subsidiaries, said Guo on Monday.
The openings at the units would pave the way for younger and more globalised executives to move up, he said.
Guo played down the idea that the move was a precursor to a broader pullback from management, saying he would stay on as chairman at the parent company, which owns assets ranging from Cirque du Soleil to Club Med.
Guo’s perceived indispensability at the group among investors has been on display in recent years after a brief disappearance in 2015 and false speculation about his whereabouts in July triggered routs of Fosun-related securities. Bloomberg