【Executive】60-year-old veteran Lin Chuanhui began to take the helm of the new cycle of GF Securities, and the general manager was succeeded by Qin Li.
On the evening of May 10, GF Securities (000776) announced the resolution of the first meeting of the 11th board of directors and the board of supervisors, electing Lin Chuanhui as the chairman, as well as a member of the strategy, nomination and risk management committee of the board of directors, and serving as the chairman of the strategy and risk management committee.
Born in 1964, the 60-year-old is a veteran of GF Securities, having been with the company for about 28 years.
In 1985, Lin Chuanhui graduated from Jilin University with a bachelor's degree in economics. From July 1985 to December 1995, Lin Chuanhui successively served as a cadre of the Scientific Research Office of the Central Party School and a deputy director-level researcher of the Organization Bureau.
Subsequently, Lin Chuanhui joined GF Securities, where he worked in the investment banking headquarters and Beijing and Shanghai branches from December 1995 to October 2002. From October 2002 to December 2020, Lin Chuanhui successively served as the general manager and vice chairman of GF Fund, the chairman and general manager of Ruiyuan Capital, and the chairman of the board of directors of GF International.
Since December 2020, the 56-year-old Lin Chuanhui has been the general manager of GF Securities, and has been appointed as an executive director since January 2021 and has been promoted to chairman since July 2021. During this period, he also served as the chairman of GF Holdings Hong Kong for a few months.
It should be noted that the first meeting of the 10th board of directors of GF Securities was held in June 2020, and Sun Shuming was elected as the chairman of the board of directors until July 2021, when he stepped down due to age. Sun Shuming was born in 1962 and was less than 60 years old when he stepped down; However, Lin Chuanhui was still re-elected as chairman at the age of 60, and he also stepped down from the position of general manager he had been holding concurrently.
In the nearly three years that Lin Chuanhui has been at the helm of GF Securities, the company's revenue has continued to decline by 26.6% and 7.3% from 34.25 billion yuan in 2021 to 23.3 billion yuan, and the net profit attributable to the parent company has continued to decline by 27% and 12% from 10.85 billion yuan to about 7 billion yuan, which is less than the level of 2019 (about 7.54 billion yuan).
The head of the board of supervisors of GF Securities continues to be Zhou Xitai, who was also born in 1964 and is the same age as Lin Chuanhui. He has been Chairman of the Supervisory Board since January 2022 and has been responsible for approximately 2 years and 4 months.
The general manager is Qin Li, who was born in 1968 and is now 56 years old. The main leaders of the board of directors, board of supervisors and management team of GF Securities are all post-60s.
According to the annual report, Lin Chuanhui, as the chairman and general manager, has a salary of 2.36 million yuan, and Zhou Xitai, chairman of the board of supervisors, has a salary of about 2.25 million yuan, ranking first and second respectively. The remuneration of senior executives and supervisors of GF Securities is basically more than one million yuan, the remuneration of the chief financial officer and secretary of the board of directors is more than 2 million yuan, and the remuneration of independent directors is 270,000 yuan.
Among listed brokerages, the annual salary of senior executives exceeding 2 million yuan was really not much in the past few years, and the previous salary of more than 10 million yuan also abounded, but after continuous salary cuts, it will not be low in 2023.
By the end of 2023, GF Securities will have a total of about 15,000 employees, with an average profit of 464,000 yuan and an average salary of 584,000 yuan last year, and nearly 600,000 yuan per capita salary in 2022, about 16,000 yuan less. Among the listed securities firms, GF Securities ranks eighth in terms of per capita salary, surpassing Guojin Securities. The highest per capita salary of listed securities companies is CITIC Securities, which was nearly 800,000 yuan last year.
As of May 11, GF Securities had a total market capitalization of 100.7 billion yuan and a price-earnings ratio of about 14 times.
(Note: The remuneration mentioned in this article includes wages and bonuses, employee benefits, five insurances and one housing fund, enterprise annuity, supplementary retirement benefits, etc., and is pre-tax; Data from Straight Flush iFind and Oriental Wealth Choice)