Dow Jones reported that Chinese conglomerate Citic Pacific Ltd appointed Mr Zhang Jijing as new MD in a long awaited move after the former incumbent resigned earlier this year following large losses on foreign exchange derivative contracts.

Mr Zhang is now assistant president of the company parent, state run Citic Group and head of its strategy and planning department.

The blue chip company has been looking for someone to fill the position since former managing director Mr Henry Fan resigned in April.

Mr Fan and former Chairman Mr Larry Yung quit after the firm was hit by foreign exchange trading losses totalling nearly USD 2 billion.

(Sourced from Dow Jones)