A second Chinese financial giant loses a top executive in the space of a week, this time after ostensibly failing to implement the government's austerity push.
Shanghai-based Everbright Securities’ chairman Yan Jun has resigned, according to an exchange filing that cited «work adjustments» without elaborating further.
The chairman of Everbright’s supervisory committee, Liu Jiping, is also stepping down.
This marks the second instance where top executives resigned from a Chinese financial giant in the space of a week after the removal of the president and chief executive of China Merchants Bank, Tian Huiyu.
Austerity Rules
According to a report by Chinese online newspaper «Sina.com», which cited unnamed sources, Yan and Liu were the highest-ranked leaders in a six-manager shake-up at Everbright.
Communist Party cadres managing Everbright failed to sufficiently implement «the spirit of the rules» that were part of Beijing’s austerity push to stamp out «extravagant spending», the newspaper indicated.
