Biz Scene: BIZ MOVES

Changes at airline

Hainan Airlines Group (HNA), China's fourth largest airline, recently announced that Zhu Yimin (above), the company's former president, was elected by the directorate to be the chairman of the board, and Wang Yingming was appointed the vice-chairman of the board and the company's president.

Hainan Airlines said earlier this month that the company has passed the main shareholders' proposal to reduce the number of board members from nine to seven. The former chairman of the board, Chen Feng, stepped down.

Ex-chairman held

Guan Guoliang, former chairman of New China Life Insurance Co, was arrested for suspected embezzlement, the People's Daily reported, citing the insurance regulator.

The case is under investigation, the newspaper said, without elaborating. Guan is being investigated for alleged misuse of almost 13 billion yuan, Caijing magazine reported on May 28.

(China Daily 11/22/2007 page15)