Chang Zhenming [Photo/caing.com]

Chang Zhenming, the vice-chairman and president of China International Trust and Investment Corporation (CITIC) Group, may succeed Kong Dan to be appointed as the group's fifth chairman, caing.com reported Wednesday.

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Chang, 54, was appointed vice-chairman and president of CITIC Group in 2006. He was president of the Bank of Communications in 2004. He holds a Master of Business Administration from the College of Insurance in New York.

According to the report, Kong Dan, who replaced Wang Jun and became the chairman of CITIC group in 2006, will retire.