The State Council of the People’s Republic of China has named Li Xiaopeng, former vice president of Industrial & Commercial Bank of China, as head of the supervisory board at China Investment Corporation, as incumbent Ji Liqun steps down, according to a company statement.
The supervisory board of CIC is responsible for monitoring the behaviour of the fund's directors and executives.
In a statement, the $500 billion sovereign wealth fund said, “CIC highly commends the excellent leadership and service of Mr. Jin Liqun during his five-year tenure as chairman of board of supervisors, and his efforts in promoting international engagement between CIC and various stakeholders.”
CIC has experienced trouble retaining high-level staff. The position of chairman & chief executive officer has been left open since March when Lou Jiwei became China's finance minister. The latest potential candidate for the chairman's job, Shanghai vice-mayor Tu Guangshao, is reluctant to take the job, according to media reports.
CIC’s private equity team in particular has lost a raft of investment professionals over the past few years. In May last year, Daniel Hu, a director in the investment team, resigned for unexplained reasons, Private Equity International reported earlier.
Other departures last year included James Leong, a managing director; Collin Lau, former head of European private equity; and Patrick Wu, head of the real estate programme.