March 29, 2017 / 3:08 AM / 4 months ago

Fosun's Guo sees short-term impact from departure of CEO, other executive

1 Min Read

Fosun International Ltd Chairman Guo Guangchang attends a news conference in Hong Kong, China March 29, 2017.Bobby Yip

HONG KONG (Reuters) - Fosun International Ltd (0656.HK), China's largest private conglomerate, expects the departure of two top executives to have a short-term impact on its business, Chairman Guo Guangchang said on Wednesday.

The Shanghai-based conglomerate said late on Tuesday Chief Executive Liang Xinjun and Ding Guoqi, an executive director of Fosun and former chief financial officer, had resigned. Liang stepped down for health reasons and Ding to spend more time with his family, the company said in a securities filing.

Fosun also reported a 28 percent increase in profit in 2016 to 10.3 billion yuan ($1.5 billion).

The company named Wang Qunbin, one of its billionaire co-founders, as new CEO.

Reporting by Julie Zhu; Writing by Elzio Barreto; Editing by Randy Fabi

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