China’s Citic Securities announces retirement of chairman Wang Dongming
The mainland’s largest brokerage has been rocked by charges of impropriety by executives during summer’s financial meltdown
Citic Securities, China’s largest brokerage at the centre of a high-profile corruption clampdown in the financial industry, announced the retirement of its chairman Wang Dongming on Tuesday.
Wang, 64, would continue to serve his role until the next board of directors was elected, Citic Securities said in a statement.
Zhang Youjun, 50, head of the board’s office, had been nominated as the next chairman candidate to succeed Wang, the statement said.
Wang has worked at Citic Securities since the company was founded in 1995, and was named its chairman in 2002, when the company listed on the Shanghai Stock Exchange.
Citic Securities was among the hardest hit by the government crackdown aimed at cleaning up the arcane stock market following this summer’s financial meltdown.
The government had intended to stabilise the market with rescue funds of at least 1 trillion yuan (HK$1.21 trillion), but to no avail.
More than 10 of Citic Securities’s senior officials have been placed under investigation. Its president Cheng Boming was questioned by police for alleged insider trading.
