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Brokerage chairman steps down due to age
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THE chairman of CITIC Securities, the country’s largest brokerage by market value, will step down due to age, the brokerage said yesterday.
Wang Dongming, 64, will not participate in the next round of nominations for chairman because of “reason of age,” CITIC said in a filing to the Shanghai Stock Exchange.
Wang will continue as chairman until the next board election, the brokerage said, without providing a specific date.
Shares of CITIC climbed 1.5 percent in Shanghai and 2.1 percent in Hong Kong yesterday after the announcement.
CITIC Corp, the largest shareholder of the brokerage, has nominated Zhang Youjun, assistant to the general manager of CITIC Group Corp, as a candidate for the post, according to the filing.
Wang’s retirement comes as several executives of CITIC Securities, including its General Manager Cheng Boming, are under investigation for suspected market malpractices following a stock rout in summer.
Wang, an investment veteran, joined the brokerage when the company was set up in 1995, and became its chairman in 2002.
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