Market rumors have finally settled. On the evening of April 18th, China Merchants Bank issued an announcement stating that its board of directors reviewed and passed the 'Proposal on the Removal of Mr. Tian Huiyu from Office,' agreeing to remove Tian Huiyu from his roles as president and director of China Merchants Bank for another assignment; simultaneously agreeing that Wang Liang will take charge of the bank’s operations, effective immediately upon approval by the board.
This means that Tian Huiyu, who has served as president of China Merchants Bank for nine years, is leaving his post. The board of directors expressed heartfelt gratitude for Mr. Tian Huiyu’s contributions to the company during his tenure.
It is reported that Tian Huiyu’s next role will be as the standing vice chairman of the Executive Committee of the Financial Business Unit/Platform of China Merchants Group and vice chairman of China Merchants Financial Holdings (at the level of group general manager assistant). According to reporters at Cailian Press, this appointment constitutes a lateral transfer, as Tian Huiyu was already at the rank of assistant to the general manager within the China Merchants Group.
Before this news was announced, market speculation triggered fluctuations in the bank’s share price that day. Following the opening of trading on April 18th, China Merchants Bank led the decline among A-share banking stocks, falling by more than 8% at one point during trading, with the stock price hitting a low of 42.78 yuan per share, and closing in the afternoon at 43.39 yuan per share, down 7.35% for the day. $CM BANK (03968.HK)$
A former mid-level manager at China Merchants Bank, who wished to remain anonymous, told reporters that the personnel change would not significantly affect the bank itself. He said: “China Merchants Bank operates systematically. Compared with when President Ma Weihua stepped down nine years ago, now China Merchants Bank not only retains its advantages in retail business but also excels in...