Aluminum firm China Hongqiao names founder's son as chairman

FILE PHOTO: Chinese businessman Zhang Shiping attends a meeting in Beijing, China, March 5, 2014. REUTERS/Stringer/File Photo

BEIJING (Reuters) - China Hongqiao Group, the world’s biggest aluminum producer, on Friday named Zhang Bo, son of the company’s late founder, as its new chairman with immediate effect.

Zhang Bo, 49, has been chief executive of Hongqiao since January 2011 and remains in that role after being elected chairman, according to a company filing to the Hong Kong stock exchange following a board meeting.

His father, Zhang Shiping, who as the previous chairman oversaw Hongqiao’s rise to the top of the global aluminum industry, passed away on May 23 aged 73, the company said last week. Zheng Shuliang, Zhang Shiping’s widow, remains vice chairman.

Zhang Bo, who holds 0.1% of Hongqiao’s issued share capital, according to a second filing, is also chairman of the aluminum association in Hongqiao’s home city of Binzhou and chairs the recently formed Shandong Aluminum Industry Association.

Zhang Shiping held over 70% of Honqgiao’s shares, according to Refinitiv Eikon data.

Reporting by Tom Daly; Editing by Joseph Radford