BEIJING (Reuters) – The president of COFCO, China’s top state grains trader, Yu Xubo, has left the company to head China General Technology Group, according to two sources and a company notice.
Yu has been removed from his roles at COFCO and appointed chairman and Party secretary at China General Technology, according to a notice published on China General Technology’s official WeChat account.
Yu joined COFCO in 1988 and started as a junior at the grains, oils and feed division under the agriculture conglomerate. He held previous posts including general manager at the company and head of its overseas trading arm, COFCO International Ltd.
It was not immediately clear who would replace Yu at the grains trader. He was the second most senior person there after its chairman, Lu Jun.
The change comes as China steps up purchases of farm produce from the United States to fulfil a pledge under the Phase 1 Trade deal.
China General Technology’s main businesses include high-tech manufacturing, health care, and contracting projects in regions involved in the Belt and Road infrastructure project, it said on its website.
Xu Xianping, chairman of China General Technology, has been appointed chairman of China South Industries Group Corporation, his new company said on its social media account.
(This story corrects to add dropped word ‘trader’ in paragraph one)
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