He Changming, chairman of China’s top copper producer Jiangxi Copper Co. Ltd. , has retired, the latest management change in China’s metal companies.
He, 65, who has been chairman since the company listed in Hong Kong in 1997, will be replaced by former executive director Li Yihuang, the company said on its Web site www.jxcc.com.
“Due to reaching the retirement age, Mr. He Changming has resigned as chairman,” it said. “The board has elected executive director Li Yihuang to be chairman. His term will last until the annual board meeting in 2008.”
Li, 44, is also general manager of the company.
Jiangxi Copper’s third quarter profits quadrupled to 1.5 billion yuan ($192.9 million). It said in October that refined copper output in 2007 would rise 33 percent to 600,000 tonnes.
Output could potentially hit 700,000 tonnes in 2007, up from 430,000 tonnes last year, company officials have said.
Earlier this month, Xie Qihua retired as chairwoman of China’s largest steelmaker Baosteel and Liu Jie, president of Anshan Iron and Steel Group, the country’s fourth largest steel mill by output, also stepped down on grounds of age. ($1=7.776 Yuan)