CNOOC Ltd boss Yang quits

Yang Hua out as chief executive after less than a year but to stay on as chairman of Chinese giant

Yang Hua has quit as chief executive of Chinese state oil giant CNOOC Ltd after less than a year in the top job.

Yang will, however, remain as chairman of the company, although he has been re-designated as a non-executive director of the board.

Replacing him as chief executive is Yuan Guangyu, a current executive director, who in turn is giving up his role as president, to be replaced by director Xu Keqiang.

No reason was given for Yang’s departure in CNOOC Ltd’s announcement of the changes late on Tuesday.

Yang took over as chief executive in June, replacing Li Fanrong, who was named Deputy Director of China’s National Energy Administration.

Yang, who was also chairman at that time, beat vice president Chen Bi to the job, after the latter was widely tipped to get the post.

Yang joined parent company China National Offshore Oil Corporation (CNOOC) in 1982 and has more than 30 years of experience in petroleum exploration and production. He was named chairman of CNOOC Ltd in May 2015.