On July 20, the Chinese state-owned Aluminium Corporation of China announced the resignation of Chairman Liu Jianping. The reason cited for his departure was a "work adjustment."
Liu's departure as chairman occurred only two years into his tenure. The decision followed closely on the heels of global media reports revealing that a company unit had terminated specific aluminium contracts. This action came amidst an ongoing government-led investigation into market deals.
Nie Zhen, the Spokesman for Chalco's parent company Chinalco said, "Liu's move is a normal personnel change. It had no connection with the reported suspension of contracts."
He declined to comment anything more on the issue.
China's leading aluminium producer, commonly referred to as Chalco holds the largest stake in the Anglo-Australian mining behemoth Rio Tinto Ltd. However, in a statement submitted to the Hong Kong Stock Exchange, Liu affirmed that he was in complete agreement with the board and that there were no issues concerning his step down as Chairman that required disclosure to shareholders.
According to a distinct statement submitted to the Shanghai Stock Exchange, Liu demonstrated unwavering dedication and diligence during his tenure as chairman, leading to exceptional contributions to the company.
The company has announced that Zhu Runzhou, currently serving as an executive director, will take on the roles of Chairman of the Board of Directors and legal representative.
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