China State Shipbuilding replaces chairman as corruption rumours swirl
Xu Peng spent less than two years at state-owned equipment manufacturing giant CFHI before being transferred to lead CSSC, the Shanghai-headquartered world’s largest shipbuilding group
Xu becomes the new chairman of the Chinese shipbuilding conglomerate after his predecessor Wen Gang was reported to be implicated in an anti-graft investigation
CHINA State Shipbuilding Corp has appointed a new chairman following the reported implication of Wen Gang in an anti-graft investigation.
Xu Peng, former head of state-owned equipment manufacturing giant China First Heavy Industries, has succeeded Wen, according to CSSC’s website.
CSSC is the world’s largest shipbuilding group by orderbook size, with its 16 shipyards accounting for about 20% of global order backlog in cgt terms, according to Clarksons.
The 59-year-old Xu had served as president of CFHI since February 2023 before being promoted to the firm’s chairman in September of the same year. Before that, he spent many years at Dongfang Electronics Corp, also a state-owned enterprise.
Xu’s appointment comes after reports that his predecessor Wen was taken away by anti-graft investigators in late October.
Wen was transferred to CSSC as chairman in February 2023, after long stints leading China North Industries Group Corp and China Rongtong Asset Management Group in the defence sector.
He remained listed as chairman on CSSC’s website until yesterday, although rumours had been circulating for several days that Xu would take over the role.
Joining Xu at CSSC is Hu Xianfu, who has been named a vice-president of the company. Hu previously served as chief accountant at Dongfang Electric.
However, CSSC deputy party secretary Du Gang — also said to have been taken away along with Wen — is still listed among the company’s top executives on its website.
