China Mobile Limited announced today that its chief executive officer has been replaced.
Effective today, Wang Jianzhou has ceased to be the CEO, but he remains executive director and chairman of the telecommunications firm Li Yue, executive director and vice president of the company, has been re-designated as executive director and CEO of China Mobile.
The company stated that the re-designation enables it to comply with the best practice for corporate governance of separating the roles of chairman and chief executive officer under the "Code on Corporate Governance Practices" as set out in Appendix 14 to the "Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited"
Li is also the president and director of China Mobile Communications Corporation, the controlling shareholder of the company; a director of China Mobile Communication Company Ltd.; and the chairman of Union Mobile Pay Limited. Among other positions, Li previously served as deputy director general and chief engineer of Tianjin Long-Distance Telecommunications Bureau.
Li will be subject to retirement by rotation and re-election at annual general meetings of the company every three years. Li will receive a salary of HKD100,000 per month, plus a discretionary bonus and a discretionary award of share options as may be determined by the board with reference to his performance, together with an annual director's fee of HKD180,000 as proposed by the board and approved by shareholders of the company.