March 23 (Bloomberg) -- China Mobile Ltd. said Chairman Wang Jianzhou retired and will be replaced by Xi Guohua, completing a two-year transition to new leadership at the world’s largest phone company by subscribers.
Wang, 63, will be replaced by Xi, effective immediately, China Mobile said in a regulatory filing to the Hong Kong stock exchange yesterday. Xi, 60, the communist party head of the company’s state-owned parent, was named an executive director and vice chairman of the listed unit in July.
Wang has overseen operations at China Mobile since joining the carrier in 2004 from smaller China United Telecommunications Corp. Xi is a former vice minister at the Ministry of Industry and Information Technology.
The leadership transition began in May 2010 when Wang stepped aside as chief executive of the state-owned parent China Mobile Communications Corp., and was replaced by Li Yue. The move was repeated at the Hong Kong listed unit in August of that year, while Wang retained the title of chairman.
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