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Sony China names new CEO

Sony China Co Ltd appointed Hiroshi Takahashi as its new CEO. He will take charge from April 1. He was previously the president of

Sony Corp's consumer electronics department. Nobuki Kurita, current president of Sony China, will retire in June. This is the first time Sony China will get a new chief after Kazuo Hirai took over as president and CEO of Sony Corp in 2012. The company has been restructuring itself in the past three years. It sold its Vaio computer business and spun off its TV division.

New chairman for CITIC Securities

CITIC Securities Co, the Chinese brokerage that's been the focus of government investigations after last summer's $5-trillion stock-market rout, has appointed a new board of directors led by a chairman hand-picked by its largest shareholder. CITIC Group Corp's Zhang Youjun and six other executives have been appointed directors of the new board for a three-year term, the brokerage said in a statement to the Shanghai Stock Exchange. CITIC Group nominated Zhang in November to stand for election as chairman to replace Wang Dongming, whose retirement was announced by CITIC Securities at the time. The brokerage said then Zhang would join the board, part of a CITIC Group-driven restructuring of the brokerage that will lead to tighter control from its State-owned parent, according to people familiar with the matter. Wang, who joined the brokerage in 1995 and was appointed chairman in 2002, told about a half-dozen shareholders in Beijing he remains confident about China's capital markets and the future of the company under Zhang's leadership.

Hu to take over at Bank of Shanghai

Bank of Shanghai has promoted Hu Youlian, vice-president, to president. His promotion came as part of the latest personnel changes in senior management. The lender's initial public offering was approved on Dec 30, with the market expecting a successful float to be Hu's primary task. The post of president had been vacant since last February. Hu, 53, was responsible for retail and Internet finance business after he joined Bank of Shanghai. The profit contribution of the bank's personal finance business rose to 14.9 percent last year from 9.3 percent in 2014 during Hu's term as vice-president, according to the lender's annual report. Hu was previously deputy chief of the finance and accounting division at the Jiangsu branch of China Construction Bank.

Electrolux ABCEO to quit

Electrolux AB said Chief Executive Officer Keith McLoughlin will step down in favor of Jonas Samuelson after the Swedish manufacturer failed to land a $3.3-billion deal to buy General Electric Co's household goods business following a 15-month pursuit. McLoughlin, 59, cited family reasons for his decision to retire and move back to the US, where he will continue to work for Electrolux on a consultancy basis, the Stockholm-based company said. Samuelson, who heads the company's major appliance operations in Europe, the Middle East and Africa, will continue to focus the maker of fridges, ovens and dishwashers on product development and cost control.

Valeant selects interim chief

Valeant Pharmaceuticals International Inc. named Howard Schiller to run the company as interim chief executive officer, tapping a board member and former top executive to help restore the company's image while Michael Pearson remains hospitalized with severe pneumonia. Bob Ingram, a board member and former Glaxo Wellcome CEO, will become interim chairman, also replacing Pearson, Valeant said. The timing of Pearson's return from medical leave remains uncertain, said the drugmaker, which initially disclosed his hospitalization on Christmas Day.

Yang becomes World Bank MD

The World Bank has appointed China's Yang Shaolin as its managing director and chief administrative officer, China's Finance Ministry said. Yang is currently the director general of the Department of International Economic and Financial Cooperation in the Ministry of Finance. He is in charge of economic and financial cooperation between China and international financial institutions as well as foreign governments. The position of MD-and-CAO has been created to bring together the WB's functions like organizational strategy, budget, planning, information and technology.

Adidas looks to new playmaker

Adidas has named Henkel's Kasper Rorsted as its new chief executive, boosting its shares as investors expressed hopes that the Dane has the credentials to boost profits at the German sportswear firm. Rorsted, 53, will leave Henkel in April after eight years at the consumer goods firm and take charge of Adidas on Oct 1, succeeding Herbert Hainer, 61, who has headed the firm for 15 years as the longest-serving boss of a leading German company. Hainer had come under fire as Adidas has lost market share to Nike, particularly in the key US market, and suffered from falling golf sales and its exposure to Russia, prompting the board to launch a search for a successor.

Agencies - China Daily

(China Daily 02/15/2016 page15)

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