Others News
- Two Netcom executives resign from posts
Date: 16-Jul-2007 Sources: (Shenzhen Daily)
TWO senior executives have resigned from China Netcom Group Corp. (Hong Kong) Ltd., one to take up a post at a rival company.
The changes come just days after the government reshuffled the boards of the country's State-controlled telecommunications operators. But analysts played down the significance of the latest moves, saying they don't signal imminent industry restructuring.
'None of these executives involved are currently in operational management,'said Wong Chi-man of China Everbright Securities Ltd.
Wong said the rotation of executives is a routine process for State-owned firms, as part of their responsibilities are to perform an audit-like function.
Analysts are expecting a major restructuring of China's telecom industry ahead of the government's long-awaited issuance of licenses for third-generation services and the potential breakup of China Unicom.
China Netcom said late Thursday vice chairman and non-executive director Tian Suning had resigned due to a heavy workload from his other business without elaborating. It also said executive director Miao Jianhua had resigned to move to China United Telecommunications Corp., which is the parent of China Unicom Ltd.
China Unicom said in a separate statement it has appointed Miao as an executive director.
China Netcom also said it has appointed Li Jianguo, who resigned as an executive director of China Unicom earlier last week, as an executive director.
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