China Merchants Group names Fu Yuning Chairman

China Merchants also appoints former executive of Cosco, Li Jianhong, as its new president.

China Merchants Group Ltd. has named company president Fu Yuning as its new chairman, succeeding Qin Xiao, who will retire.

The state-owned conglomerate didn't say when Mr. Fu's appointment will take effect. Mr. Fu, 53 years old, has been president of China Merchants Group for about 10 years, the conglomerate said in a statement Monday.

China Merchants said it named Li Jianhong as its new president. The company said Mr. Li was the former executive vice president of China Ocean Shipping (Group) Co., also known as Cosco. Cosco's listed units include China Cosco Holdings and Sino-Ocean Land.

View the full story in the Wall Street Journal.