Fosun names new chiefs in one of biggest management reshuffles since 2017 after overseas buying spree
- Chen Qiyu and Xu Xiaoliang become co-CEOs, replacing co-founder Wang Qunbin
- Fosun also names Gong Ping and two others as co-CFOs to oversees the finances of sprawling conglomerate
Chinese conglomerate Fosun International has announced one of its biggest executive reshuffles in three years after a slew of acquisitions overseas, strengthening its top management just as the local economy is growing at the slowest pace since 1990.
The co-CEOs will bring their experience in pharmaceuticals, property and mining industries to the group amid the biggest public health crisis in China and the region since 2003. The coronavirus outbreak has brought the world’s second-largest economy almost to a standstill amid city lockdowns to contain the virus, after growth had already slowed to 6.1 per cent in 2019.
The conglomerate has spent billions on its overseas expansion drive in recent years, picking up stakes in health care, tourism and banking assets such as Cirque du Soleil, Club Med and Banco Comercial Portugues.