Zhu Rongji’s son resigns from CICC
Print Edition
THE son of former Chinese Premier Zhu Rongji has resigned as the chairman and chief executive officer of China International Capital Corp, the country’s first investment bank said yesterday.
The board of directors has approved Zhu Yunlai’s resignation and “expressed its utmost gratitude to Zhu for his outstanding contributions to CICC over the past more than 16 years,” the company said in a statement on its website.
In a farewell e-mail to colleagues, Zhu said: “For the benefit of the company’s long-term sustainable development, I pass the baton to a succession management team in order to boost the team’s growth and establish a healthy leadership transition mechanism.”
Lin Shoukang, CICC’s chief operating officer, has been appointed as the acting CEO and chairman to run the company’s daily operations, CICC said.
The Securities Times reported that Zhu is likely to start his own company in Internet-related business, an area he is very interested in.
Zhu’s departure came when CICC is reportedly planning to raise US$500 million through a Hong Kong listing this year. His resignation triggered speculation the planned initial public offering may be delayed.
Zhu, 57, joined CICC’s Hong Kong office in 1998 and became CEO in 2004.
During his tenure, CICC handled a string of high-profile IPOs of large state-owned enterprises including China Telecom, China Unicom, Sinopec, PetroChina, the Agricultural Bank of China and the Industrial and Commercial Bank of China.
Zhu had previously worked for Arthur Andersen LLP and Credit Suisse First Boston.
CICC was set up in 1995 by Morgan Stanley and China Construction Bank. In 2010, Morgan Stanley sold its stake to foreign investors.
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