CIC appoints ICBC director to board

The Chinese sovereign wealth fund has appointed Li Xiaopeng as head of the board of supervisors, while the position of chairman remains open.

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.