China Mobile President Denies Resignation Rumors
National Business Daily, 5/13/10
Wang Jianzhou, president of China Mobile (NYSE: CHL; 0941.HK), personally dismissed rumors of his retirement during a shareholders meeting in Hong Kong yesterday, saying that the company would be the first to publicly announce a change in leadership.
Recent rumors claimed that Wang would soon retire as chairman and president of China Mobile. According to regulations issued by China's State-owned Assets Supervision and Administration Commission (SASAC), heads of state-owned enterprises are to step down once they reach the age of 60. Wang, who is 62, already had his tenure extended for two years by the SASAC, given that China Mobile was in the midst of restructuring and deploying its TD-SCDMA network.
According to one official in the Organization Department of the Communist Party Central Committee, Wang will remain in office until next year. The official also claimed that according to China Mobile management policy, the president is appointed by the Organization Department, while the vice president is appointed by the SASAC. The official added that following Wang's retirement, China Mobile will change its management structure, dividing the positions of chairman and president between two individuals.
Editor's Note: For more background on this topic, please see "Rumor: China Mobile to Announce New President in June" MD 5/12/10 issue.
Keywords: HR Wang Jianzhou China Mobile wireless SASAC CHL 0941.HK
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