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| Sinopec Head Replaced |
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Following the resignation of its chairman Chen Tonghai for unspecified "personal reasons," Sinopec has nominated Su Shulin as a new candidate for a director of its board. Sinopec, also known as China Petroleum and Chemical Corporation, stands as one of The nomination was adopted at a meeting of Sinopec's board of directors on Sunday, according to a statement on the company's official website on Monday. Prior to the election of a new chairman, Zhou Yuan, vice chairman of Sinopec, will "perform the duties and powers of the chairman of the board before a new chairman is elected," the announcement read. Sinopec broke the news on Friday that Chen Tonghai had resigned as a director and chairman of the company's board "for personal reasons". Chen also left his posts as general manager and secretary of the CPC (the Communist Party of China) Committee of China Petrochemical Corporation, Sinopec's parent company, according to the State-owned Assets Supervision and Administration Commission on Friday. Neither Sinopec nor the commission gave any insights into the reasons surrounding Chen's resignation. The commission stated Su Shulin had replaced Chen as general manager and Party secretary of the parent company. In November 2006, Su left his post as vice-president of PetroChina Co. Ltd., going on to become a senior government official in Liaoning Province. Sinopec, currently listed in Shanghai, Hong Kong, New York and London, garnered 50.7 billion yuan (US$6.7 billion) in net profits last year, marking a 28.1 percent year-on-year increase. (Xinhua News Agency June 25, 2007) |
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