(Yicai Global) June 11 -- Wang Jun, the former chairman of CITIC Group who saved the Chinese state-owned conglomerate from near extinction, has died at the age of 78.
Wang passed away yesterday, state-backed The Paper reported. He was chairman of the group, which ranked among the Fortune Global 500 for the 10th straight year in 2018, from 1995 until 2006.
Wang was renowned for his decision to sell an 18 percent stake in CITIC Pacific for CNY10.8 billion (USD1.6 billion) in 1996, a move that helped CITIC Group -- or China International Trust and Investment as it was known at the time -- survive the 1997 Asian financial crisis. The firm renamed itself CITIC Group in 2002.
The executive retired from his post at the age of 65 but continued to serve as chairman of Poly Hong Kong Holdings, a subsidiary of another conglomerate China Poly Group. He was also an avid gold fan and vice chairman of the China Golf Association.
Editor: James Boynton