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Yangzijiang Financial’s CEO, CFO, lead independent director step down amid spin-off of YZJ Maritime

Yangzijiang Financial’s CEO, CFO, lead independent director step down amid spin-off of YZJ Maritime

By Swedan Margen

Fashion

Yangzijiang (YZJ) Financial’s executive chairman and CEO, CFO and lead independent director have resigned as the company prepares to spin off its existing maritime investments under a new listing, YZJ Maritime.

Their replacements have been simultaneously announced in bourse filings on Friday (Oct 31) evening.

Executive chairman and CEO Ren Yuanlin, 72, has resigned due to “the change of board composition arising from the proposed spin-off of YZJ Maritime”. As for lead independent director Timothy Chen, 71, he is stepping down to pursue other career opportunities.

Deputy CEO and CFO Liu Hua, 50, has stepped down to take over as executive chairman.

Meanwhile, Peng Xingkui, 42, has been appointed as CEO of YZJ Financial. Peng’s previous job was head of the Investment Management Department at Jiangsu YZJ Shipbuilding, and he also had a stint at Jiangsu Jiangyin Rural Commercial Bank.

YZJ Financial has also appointed Qian Jiang, 39, as the new CFO. Qian’s previous experience include stints at YZJ Shipbuilding, Jiangsu Xinyang Ship Investment and Sichuan Changhong.

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YZJ Financial notes that the proposed listing is subject to the fulfilment of all the conditions set out in the eligibility-to-list letter.
The 23.4% voting rights in Shanshan will be entrusted to Yangzijiang Financial upon the restructuring's completion.

Additionally, Kathy Zhang, 55, has been appointed as an independent non-executive director. Zhang was a non-executive director at the Financial PR group prior to this appointment.

Shares of YZJ Financial closed down 0.9 per cent or S$0.01 at S$1.06 on Friday, before the announcements.

Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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