State-owned power company China Huaneng Group (Huaneng) announced on Tuesday that chairman SHU Yinbiao, 64, has reached retirement age and will step down. He will be replaced by WEN Shugang, chairman of another state-owned power company China Huadian Corporation (Huadian).
Heads of state-owned companies must retire at 60. The deadline can be extended to 65 in special cases but it is very rare. At 64, Shu is currently the oldest man in charge of a state-owned company. Wen, his successor, is 59 years old. He became Huadian chairman when his predecessor hit retirement age.
Wen Shugang has worked in the power system for his entire career and served in key positions in regional power companies.
