Chinese oil and natural gas company CNOOC Ltd. (CEO) on Wednesday said it has appointed Li Fanrong as the new Chief Executive Officer, with effect from today.
Fanrong replaces Yang Hua, who resigned from the post as his responsibility as the President of China National Offshore Oil Corp. requires more of his time.
Accordingly, Hua was re-designated to a Non-Executive Director from an Executive Director, while he continues to serve as the Vice Chairman of the Board and will primarily focus on the strategy of the company.
Chairman Wang Yilin noted that Fanrong has served the company for more than 20 years, and has accumulated abundant operation and management experiences in offshore oil and gas development.
Fanrong has been working in the oil and gas industry in China for more than 27 years. He joined CNOOC Ltd.'s parent company China National Offshore Oil Corp. in 1984. After holding many management positions in CNOOC, he was appointed as President with effect from September 2010, and was also re-designated from Non-executive Director to Executive Director.
The resigned CEO Hua said, "In the future, I will be more focused on the Company's strategy of the Company, and keep on supporting Li and his management team."
CNOOC settled at HK$13.88 on today's trading, down HK$0.48 or 3.34 percent in Hong Kong.
In the U.S., CEO closed Tuesday's regular trading session at $181.09, up $2.06 or 1.15 percent.
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