(Yicai) Oct. 23 -- The departures of the chairman and chief executive officer of China International Capital Corporation heralds the start of a generational shift at the top of 20 listed Chinese brokerages as their helmsmen fast approach retirement age.

Shen Rujun has resigned as chairman and Huang Chaohui as CEO, Beijing-based CICC announced yesterday. They are replaced by Chen Liang, former chairman of China Galaxy Securities who will also serve as CICC’s legal representative, and CICC veteran Wu Bo as acting CEO.

The most senior executives at many listed brokers were mainly born between 1960 and 1969. Wang Changqing and Zhang Wei, the chairmen of China Securities and Huatai Securities, and Yang Minghui and Wang Song, the CEOs of Citic Securities and Guotai Junan Securities, are all nearing retirement age.

Chen Liang has worked in the sector for almost 30 years, serving as deputy general manager at Hongyuan Securities, chairman at Hongyuan Futures and China Galaxy Securities, and GM at Shenwan Hongyuan. Born in 1977, Wu has held several posts at CICC since joining in 2004, including head of the sponsor business department, head of its growth business investment banking division, head of securities investment, and board secretary.

China Galaxy Securities, which along with CICC has Central Huijin Investment as its largest shareholder, said on the same day that Chairman Chen Liang has also resigned due to work arrangements. Vice Chairman and President Wang Chen, who was previously the head of CICC's investment banking division, will take over as chair and board secretary, it noted.

Galaxy Securities is making a full transition into a modern investment bank from a conventional broker, Wang said in a recent interview. Since last year, the Beijing-based firm has been expanding its international business and implementing professional reforms in investment banking and formed an institutional business this August, he said.

Editors: Liao Shumin, Martin Kadiev