(Yicai Global) March 20 -- Zhu Hexin, former deputy governor of the People's Bank of China, will succeed Chang Zhenming as Citic Group's president. 

Chang is stepping down after a 10-year stint, Citicorp Group announced on its website today.

The 52-year-old Zhu has been working in the banking system for nearly 23 years since he started at Bank of Communications Nanjing Branch in 1993 and accumulated rich experience in financial institutions, public data show. He began to work as the PBOC deputy governor in July 2018.

The Beijing-based company's current president Chang was born in 1956 and assumed the post in 2010.

Formed in 1979, Citic Group operates financial institutions such as banks, securities and insurance agencies and industrial firms in energy, manufacturing, real estate, publishing and tourism. The firm's assets totaled HKD7.7 trillion (USD1 trillion) as of the end of 2018, when it reported HKD533.3 billion (USD68.8 billion) in operating revenue, up 14 percent from a year earlier.

The group has made the list of Fortune magazine's Global 500 companies annual ranking for 11 straight years as of last year, when it placed 137th, the firm's website shows.

Editor: Ben Armour