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Citic Securities Chairman Wang Dongming Set to Exit, Firm Says

Paul Panckhurst
Updated

(Bloomberg) -- Citic Securities Co., the Chinese brokerage where top executives face insider-trading allegations, said Chairman Wang Dongming will step aside from his role because of his age.

Wang, 64, will continue as chairman of the nation’s biggest brokerage until the next board election, Citic said in a statement to Hong Kong’s stock exchange on Tuesday.

Citic Corp., the brokerage’s largest shareholder, plans for Zhang Youjun, 50, to join the Citic Securities board, the brokerage said in the statement.

President Cheng Boming is among the Citic Securities executives under investigation, according to the state-run Xinhua News Agency, as the government tries to assign blame and clean up the market after a summer stock rout.

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To contact the reporter on this story: Paul Panckhurst in Hong Kong at ppanckhurst@bloomberg.net To contact the editors responsible for this story: Marcus Wright at mwright115@bloomberg.net Darren Boey