China's Sany Heavy Equipment CEO, chairman resign
HONG KONG, Oct 12 (Reuters) - The chief executive and chairman of Sany Heavy Equipment International have resigned, the Chinese company said on Friday, as the construction industry grapples with a slowdown in the world's second largest economy.
Sany Heavy Equipment, which makes and sells mining excavation and transportation equipment, said Zhou Wanchun, its departing CEO and a member of the strategic investment committee, will rejoin Sany Heavy Industry as a senior manager.
Mao Zhongwu has also resigned as chairman of the board, the strategic investment committee and nomination committee. The company said this was to spend more time attending to the company's off-highway mining truck business.
Zhao Xiangzhang, a director of parent Sany Group and a former financial controller of Sany Heavy Industry, has been appointed CEO and chairman of the board and the strategic investment committee, Sany Heavy Equipment said.
Sany Heavy Industry, last month asked to waive financial covenants on its loans, Thomson Reuters publication Basis Point reported. The company in January had agreed to pay 360 million euros ($466 million) for privately owned German concrete pump maker Putzmeister Holding.
($1 = 0.7726 euros)
(Reporting by Stephen Aldred; Editing by Toby Chopra)
Keywords: SANY CEO/