Zhang Zhenqi, CAO’s executive director and general manager, has been re-designated executive director and general manager for trading, and will report to Mr Meng.
Deputy general manager Zhang Xingbo has been re-assigned to another position in CAO’s parent company, China National Aviation Fuel Group Corporation (CNAF).
CAO said Mr Meng, a non-executive director since March 2006, was one of the four CNAF nominee directors on the CAO board. He was one of the five members of the corporate governance assessment committee which was constituted in June 2005 during the restructuring of CAO.
The committee was involved in reviewing the corporate practices of CAO and in proposing improvements to its internal controls and corporate governance practices.
CAO chairman Lim Jit Poh said: “Mr Meng has an impressive track record and strong credentials. He also has a detailed understanding of the corporate governance policies, management structure systems and protocols of the company through his involvement as a member of the CGAC.
“As recommended by the CGAC, the CEO should come from CNAF as CNAF is CAO’s largest shareholder and the Company’s business is intricately linked to CNAF. This will ensure that there is continued support from this largest shareholder. We believe that Mr Meng is the right candidate to lead the Company in its next phase of growth.”
Sun Li, President of CNAF, said: “Now that CAO has fully rehabilitated and formulated its strategy, we believe this is the appropriate time for the appointment of a CEO to complete the transition to a normalised management structure. Mr Meng has shown exemplary leadership qualities and we believe he will be able to lead CAO to new heights.”
Mr Meng said: “During the interim period, the management of CAO has done an excellent job in building a firm foundation for the company’s next phase of growth. I am honoured to be appointed as CEO of the company.”
Mr Meng remains the director of planning and development at CNAF. He has been involved in strategic planning, investment, company reform and legal policy issues since he joined CNAF in 2003. He led the steering committee for the restructuring of China Aviation Oil Supply Corporation which resulted in the formation of China National Aviation Fuel Corporation Ltd, one of the most strategic restructuring projects of CNAF.
Mr Meng was an official of Civil Aviation Administration of China (CAAC) from 1991 to 2003 where he had extensive experience in law and enterprise reform. He was directly involved in the drafting and enacting of China’s Civil Aviation Law – the first law on civil aviation in the country.
He worked on the reform of the civil aviation management structure, and participated in the drafting of corporate reform plans for Air China Group, China Eastern Airlines Group, China Southern Airlines Group and logistic services. He was involved in the drafting of corporate reform plans for several Chinese airports.