By Yan Kai (嚴凱)
Economic Observer Online
Nov 24, 2011
Translated by Zhu Na
Original Article: [Chinese] 

China National Offshore Oil Corporation announced on Nov. 23 that Yang Hua (楊華) will resign as chief executive and will be replaced by the company’s current president Li Fanrong (李凡榮).

CNOOC said that Yang resigned from the position of CEO in order to spend more time managing the affairs of the company’s head office. He will remain vice chairman of the company’s board and says he will focus on strategy.

Some analysts expressed surprised at Yang’s resignation. They said the changes won’t affect the CNOOC’s performance, but noted that they come in the wake of several controversies at the company.

Yang was appointed chief executive in September 2010, replacing Fu Chengyu (傅成玉), who was also chairman of the board. Prior to his appointment, Yang had been General Manager of CNOOC’s head office, a position that he retained while CEO, and one that he will keep after standing down as top executive.

Li, 48 years old, joined CNOOC in 1984 and has been the company’s president since September 2010.

Sources say that Li’s rapid promotion over the last three years was thanks to strong promotion from Fu.

Like the former board chairman, Li started in CNOOC on the bottom rung and has rich experience in developing oil fields as well as international operation.

Links and sources

Reuters 中海油稱楊華辭去首席執行官 現任總裁李凡榮接任