Xie exits and new man helms Baosteel Group
(Shanghai Daily)Updated: 2007-01-16 09:22 Baosteel Group Corp has a new chairman after Xie Qihua stepped down, marking a full exit from China's biggest mill for one of the most powerful women in the nation's corporate world.
Xie, 64, will be succeeded by Xu Lejiang, chairman of Baosteel's listed arm Baoshan Iron & Steel Co, Baosteel said yesterday in a statement, citing Xie's age because the retirement age for senior executives at state-owned enterprises is 60.
Personnel changes of high-profile officials in the central
government-controlled companies in China such as Shanghai-based Baosteel are made by the State Council, China's
Cabinet.
In May last year, Xie also gave up her chairman post of the listed unit to Xu, 48. Xu also replaced Xie as the president of Baosteel in December, 2004.
Ai Baojun, president of listed Baoshan Steel, has also replaced Xu as group's president, Baosteel said in a statement.
Analysts said the transfer of power in Baosteel is smooth and won't affect Baosteel's goal to become a global giant, which was first proposed by Xie.
"It's a gradual transfer within industry expectations," said Jia Liangqun, an expert at Mysteel.com. "As Xu has more power now, let's just wait and see how fast he can do in areas like mergers and acquisitions."
In complimenting Xie, Baosteel said that she "has accumulated rich experience
in managing steel mills by working hard over the past decades. She has made
significant contribution to the development of Baosteel and China's steel
industry. The government is satisfied with her work."
| 1 | 2 |  |
(For more biz stories, please visit Industry Updates)