CICC and Galaxy Securities change coach officially announced! Chen Liang serves as Chairman of CICC and Acting President of Wu Bo
Cai Lian News Agency, October 22 (Reporter Lin Jian) CICC and Galaxy Securities, two leading securities companies under CIC, ushered in major personnel adjustments at the same time. CaiLian News Agency reporters also exclusively reported the news of the change on Friday night. CICC and Galaxy Securities announced their respective announcements on October 22, officially announcing the news.
The picture shows CICC's official announcement of personnel changes
CICC said that due to job changes, Shen Rujun proposed to resign as the company's chairman, non-executive director, chairman of the board strategy and ESG committee and member of the nominating and corporate governance committee. Due to his age, Huang Zhaohui proposed to resign as an executive director, a member of the strategy and ESG committee of the board, a member of the risk control committee, the president (chief executive officer) and the chairman of the management committee.
Upon the recommendation of Huijin Company, the Board of Directors agreed to nominate Chen Liang as an executive director candidate for the second term of the Board of Directors of the Company, and elected Chen Liang as the chairman and legal representative of the second board of directors of the Company, the chairman of the Strategy and ESG Committee of the Board and a member of the Nominating and Corporate Governance Committee; Chen Liang was appointed as the chairman of the company's management committee.
Galaxy Securities announced on the same day that Chairman Chen Liang proposed to resign as a director and chairman of the company, chairman of the strategic development committee of the board of directors, director of the company's executive committee and other relevant positions on October 20, 2023 due to work arrangements.
The picture shows the personnel announcement of Galaxy Securities
It is worth noting that Chen Liang took over Shen Rujun's new position at CICC and shouldered the party secretary and chairman, which broke the previous practice. Obviously, not only the change of chairman, but also the general manager/CEO of the two leading brokerage companies has a new change.
With regard to Galaxy Securities, from now until the election of the new chairman of the Company, Wang Sheng, vice chairman, executive director, deputy director of the executive committee and president of the company, will act as chairman and secretary of the board of directors. The company will complete the selection and appointment of directors, chairman and secretary of the board of directors as soon as possible in accordance with relevant regulations.
In terms of CICC, according to CICC's announcement, Wu Bo will perform the duties of president (chief executive officer) of the company until the company appoints a new president (chief executive officer). The reporter learned that the CEO candidate may also be selected by the members of the management committee. At present, the members of the management committee of CICC are Chu Gang, Hu Changsheng, Wu Bo, Zhang Kejun, Xu Yicheng, Xu Yicheng, Wang Jianli, Wang Shuguang and Du Pengfei. Among them, Wu Bo is the latest member of the management committee with a job adjustment, and he has been the chief financial officer of CICC since September 2023.
CICC was succeeded by Chen Liang, former chairman of Galaxy Securities
According to the official website of CICC, the position of party secretary of CICC was previously held by CEO Huang Zhaohui, and Shen Rujun's main role was to be a member of the party committee, executive director and deputy general manager of CIC, and vice chairman, executive director and general manager of Huijin.
It can be seen that Chen Liang's appointment is different from the previous division of labor of CICC's "number one", with more concentrated functions and clearer role positioning. In other words, the chairman of the board of directors holds the actual position, and the CEO is the second in command of the company.
According to his resume, Chen Liang, born in 1968, served as the secretary of the party committee of Galaxy Securities in June 2022, and Chen Gongyan, who retired in July, became the chairman and director of the executive committee of Galaxy Securities. From the past work experience, Chen Liang has rich management experience in the securities field, began his career in October 1994, and entered the securities company in 2001 to engage in business management positions.
During Chen Liang's tenure at the helm of Galaxy Securities, he teamed up with the new president Wang Sheng to promote a new round of high-quality development of Galaxy Securities. In October, CaiLian News promoted a series of in-depth interviews with Galaxy Securities, in which as many as 6 in-depth interviews allowed the industry to see the new positioning, new strategy and new morale of the leading state-owned securities company. In 2022, Galaxy Securities will achieve an operating income of 33.642 billion yuan, a net profit attributable to the parent of 7.761 billion yuan, and the company's total assets and net assets will both hit a record high, reaching 625.216 billion yuan and 102.613 billion yuan respectively.
Wang Sheng, President of Galaxy Securities, acted as Chairman of the Board
The latest announcement shows that Wang Sheng, president of Galaxy Securities, acted as chairman and other positions.
Born in 1977, Wang Sheng graduated from the School of Economics and Management of Tsinghua University with a bachelor's degree in management information system in 2000 and a master's degree in management science and engineering in 2002. Wang Sheng joined Galaxy Securities as president in July last year, after being the head of CICC's investment banking department.
According to the resume information, Wang Sheng joined CICC in 2002 and has participated in the reform and restructuring of various industries such as telecommunications, finance, energy and medicine, served a number of leading enterprises at home and abroad, and led the completion of many landmark capital market transactions. He has held key management positions in CICC's Investment Banking Department since 2010, successively serving as the leader of the equity group, the head of the business development committee, the head of the C group of the strategic client group, the executive head of the investment banking department of CICC from June 2016 to March 2018, the assistant to the president and the executive head of the investment banking department of CICC from March 2018 to March 2020, and the member of the management committee and head of the investment banking department of CICC from March 2020 to July 2022. From January 2021 to July 2022, he served as a member of the Party Committee of CICC. Wang Sheng has served as the deputy secretary of the party committee of Galaxy Securities since July 2022.
Wang Sheng has extensive experience in investment banking and served as President of Galaxy Securities at that time, which made the market look forward to the future performance of Galaxy Securities' investment banking business. Galaxy Securities will start the formulation of strategic planning for 2023-2025 in mid-2023. Among them, it is mentioned that "the hoof is rapidly and steadily achieving the strategic goal of building an aircraft carrier brokerage and building a modern investment bank, and promoting the company's transformation from a 'transformation period' and a 'consolidation period' to a 'development period'." ”
Wang Sheng recently gave an interview to CaiLian News Agency, and he mentioned that Galaxy Securities is undergoing a comprehensive transformation from a "traditional brokerage" to a "modern investment bank". This idea is also reflected in the newly released Galaxy Securities three-year plan (2023-2025). Galaxy Securities has continuously expanded its international business since last year, and by August this year, it had set up an institutional business line, all of which showed that the curtain of transformation had begun.
Standing at a new starting point, Galaxy Securities upgraded its business model to "five-in-one", promoted the company to move from a "transformation period" and "consolidation period" to a new starting point, and completed the transformation from a traditional brokerage company to a more respected "modern investment bank", of which the goal of realizing "modern investment bank" will be completed step by step: by 2025, build a first-class domestic and internationally excellent modern investment bank; By 2030, build a respected, domestically leading and world-class modern investment bank.
In 2025, the investment banking team of Galaxy Securities will basically form a good situation with outstanding team specialization, clear business layout, relatively leading international investment banking business, and significant progress in underwriting performance.
Shen Rujun worked with Huang Zhaohui and CICC for four years
Shen Rujun, former chairman of CICC, born in February 1964, has been appointed as chairman of CICC since August 2019, and is currently a member of the Party Committee, executive director and deputy general manager of China Investment Corporation, and vice chairman, executive director and general manager of Huijin Corporation.
According to his resume, from December 1984 to December 1998, Shen Rujun successively served as the deputy section chief, section chief and deputy director of the accounting department of ICBC Jiangsu Branch, deputy director (in charge of work) and director of the planning department. He served as the deputy general manager of the planning and finance department of ICBC from December 1998 to November 2003, the vice president of ICBC Beijing Branch from November 2003 to July 2008, the general manager of the financial accounting department of ICBC from July 2008 to November 2013, the president of ICBC Shandong Branch from November 2013 to March 2015, and the vice president of Bank of Communications Co., Ltd. from March 2015 to June 2018. From June 2018 to October 2018, he served as an executive director and vice president of Bank of Communications. Shen Rujun received his Ph.D. from the School of Technology and Economics of Hohai University in 2001.
Born in January 1964, Huang Zhaohui was appointed as a director of CICC since February 2020 and the chief executive officer and chairman of the management committee of CICC since December 2019. He joined the Group in February 1998 and has held various positions in the Investment Banking Department, including Principal, Executive Head and Co-Head. He also served as a member of the management committee of CICC from April 2015 to December 2019.
Prior to joining CICC, Huang Zhaohui joined China Construction Bank from July 1988 to January 1998 as a salesperson in Ningbo Branch, an assistant researcher at the Investment Research Institute, a senior economist in the Real Estate Credit Department, a deputy director of the International Business Department and the director of the Secretariat of the Office at the head office. Huang Zhaohui is currently a director of CICC Wealth, CICC Hong Kong Securities and Jinteng Technology. Huang Zhaohui received a bachelor's degree in physics from Wuhan University in July 1985 and a master's degree in economics from Chinese Minmin University in July 1988.
It can be seen that Shen Rujun and Huang Zhaohui have been working together in CICC for four years. During this period, CICC "ran steadily and fast", and according to Huang Zhaohui, CICC continued to strive towards the goal of a world-class investment bank. Overall, in 2023, CICC's wealth management transformation has achieved remarkable results, but investment bank asset management is under short-term pressure. Industry insiders said that CICC adheres to the investment banking strategy of regionalization, capitalization and internationalization, and after the implementation of the comprehensive registration system, the competitive advantages of the company's investment bank are expected to continue to be realized.
A number of chairmen or general managers retire at an age
Not only the changes of CICC and Galaxy Securities, but also the securities industry has entered an intensive retirement period of chairman and general manager in the past two years. At the end of December 2022, Feng Zhourang, the former chairman of Wanhe Securities, retired at the age and resigned as chairman and director of the company. Since then, Zhou Yunfu has performed the position of chairman on his behalf, and it can be seen that the successor is also a new and old baton. In addition, Chen Gongyan of Galaxy Securities, Shenwan Hongyuan Chu Xiaoming, Wei Qinghua of Dongxing Securities, Yu Shixin of Guoyuan Securities, and Jin Lin of Huafu Securities resigned due to retirement due to age.
In June 2023, Kan Mingjun, chairman of Zhongyuan Securities, retired at the age to bid farewell to his post, and Lu Zhili, chairman of the supervisory board, took office. Recently, the current chairman of Shanghai Securities, He Wei, retired at the age of retirement, and Li Haichao, former deputy general manager of Haitong Securities, has been appointed as the secretary of the party committee of Shanghai Securities, and will later serve as the chairman of the company.
According to the reporter's statistics, or in the next few years, as soon as one to two years, many securities companies will retire. Wind shows that the current chairman and general manager/president (including chief administrative officer) in listed securities companies are mostly "post-60s", of which the average age of the chairman position is about 56 years old, and the average age of the general manager position is about 52 years old.
(Cai Lian News Agency reporter Lin Jian)