At the same time as the release of the first-quarter financial report, Sinopec adjusted three senior executives at once.
Sinopec (600028) announced on April 29 that due to work reasons, Yu Baocai resigned as president, and the board of directors appointed Zhao Dong as president.
Yu Baocai was immediately appointed by the board of directors of Sinopec as senior vice president. At the same time, Wan Tao was also hired as senior vice president.
Yu Baocai, 59, previously worked for PetroChina for a long time, including deputy general manager of China National Petroleum Corporation.
Since June 2018, Yu Baocai has been a member of the Party Leadership Group and Deputy General Manager of Sinopec Group. He has been a director of Sinopec since October 2018, a senior vice president of Sinopec since September 2020, and president of Sinopec since November 2021. He served as a director for about five and a half years and as president for about three and a half years.
The new president, Zhao Dong, 53, also served in China National Petroleum Group for a long time, and served as the chief financial officer of PetroChina (601857).
Since November 2016, Zhao Dong has served as a member of the Party Leadership Group and Chief Accountant of Sinopec Group, and since May 2020, he has successively served as a director, deputy secretary of the Party Leadership Group and general manager of Sinopec Group, and is the "second-in-command" at the group level. At the Sinopec level, Zhao Dong has been the chairman of the supervisory board since 2017 and a director since May 2021.
Wan Tao, aged 56, has been the chairman and secretary of the Party Committee of Shanghai Petrochemical (600688) since September 2022, and a member of the Party Leadership Group and deputy general manager of Sinopec Group since March 2024 before stepping down as chairman of Shanghai Petrochemical Corporation in mid-April.
At the same time, Zhao Dong was appointed President of Sinopec and the Director was transferred to Executive Director. Yu Baocai continues to serve as a director of Sinopec.
After the adjustment of the three senior executives of Sinopec's management team, there are also senior vice presidents Lv Lianggong, Niu Xuanwen and Li Yonglin, vice president and secretary of the board of directors Huang Wensheng, and chief financial officer Shou Donghua. Huang Wensheng has served as the secretary of the board of directors for about 12 years since May 2012.
In terms of age structure, Li Yonglin was born in 1963, Yu Baocai in 1965, Lu Lianggong in 1965, Lu Lianggong in 1966, and Huang Wensheng in 1967. The post-70s generation includes: Shou Donghua in 1970, Zhao Dong in 1971, and Niu Xuanwen in 1974. Sinopec does not yet have post-75 executives.
According to Sinopec's annual report, Yu Baocai's salary is 1.12 million yuan, and senior executives Zhongshou Donghua have the highest salary of 1.63 million yuan; Zhao Donghe and Chairman Ma Yongsheng do not receive salaries in the joint-stock company. As the chairman of Shanghai Petrochemical, Wan Tao received a salary of about 1.33 million yuan last year.
According to the financial report, in the first quarter of 2024, Sinopec's revenue will be about 790 billion yuan, a slight decline, and the net profit attributable to the parent company will be 18.32 billion yuan, a decrease of about 9%.
Sinopec News said that in the first quarter, it "achieved a high-quality start". The output of oil and gas equivalent was 18.12 million tons, a year-on-year increase of 3.4%, of which the output of natural gas was 9.9 billion cubic meters, a year-on-year increase of 6%. The crude oil processing volume was 63.3 million tons, the production of refined oil was 38.83 million tons, a year-on-year increase of 4.1%, the ethylene output was 3.279 million tons, and the total operation of chemical products was 19.51 million tons. The total sales volume of refined oil products was 59.81 million tons, a year-on-year increase of 6.5%.
Sinopec's share price fell about 4% after the release of its first-quarter earnings report, and its total market value is now 760 billion yuan, far lower than the market value of CNOOC (1.4 trillion yuan) and PetroChina (1.9 trillion yuan).