Fosun Names Co-Chairman, Picks Two Presidents as Co-CEOs

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(Bloomberg) --

A management reshuffle at Fosun International Ltd., one of China’s largest conglomerates, will ensure its stable development, the group’s billionaire founder said amid an economic slowdown caused by the coronavirus.

The group has appointed Wang Qunbin, its current chief executive officer, to be co-chairman with the company’s billionaire founder Guo Guangchang, it said in a stock exchange filing on Friday. Fosun’s two co-presidents, Chen Qiyu and Xu Xiaoliang, will become co-CEOs.

The CEO of the group’s property arm Gong Ping will replace the group’s chief financial officer Xue Linnan, while Xue will become the property branch’s vice-chairman.

The changes will solidify Fosun’s global presence and ensure the group’s stable business development, founder Guo said in a post on social media.

“The frequent occurrence of black swan events has posed constant challenges for the enterprises,” he said on his official WeChat account. “For Fosun, I remain optimistic that we will see rapid and steady growth in the next decade.”

The reshuffle comes as Chinese businesses are braving financial challenges brought on by the coronavirus outbreak, which has infected over 75,000 people and claimed more than 2,000 lives.

One of the few Chinese companies that had still been seeking overseas investments, Fosun is refocusing on the $14 trillion domestic economy, with an emphasis on technology and family consumption. Last month, Guo told the group’s global CEOs to allocate budgets targeting the Chinese market.

©2020 Bloomberg L.P.

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