- Teaching Notes
- Supplementary Resources
On December 8, 2009, Shanghai Zhenhua Heavy Industries Co., Ltd. (600320.SH, “ZPMC”) issued a press release that 76-year-old President Mr. Guan Tongxian had decided to resign due to his age, and his resignation had been accepted by the XPMC Board of Directors. A special shareholders' meeting was convened on Christmas Day and agreed to recruit a new president. “Age might not be the main reason of his resignation. He's had his mind set for some time,” said an investment company manager familiar with ZPMC. Mr. Guan told his employees that he wanted no media interviews so his departure would be low profile. However, his experiences and achievements in the past decade were flashing through his mind as he left ZPMC, the world's largest manufacturer of port machinery and large steel structures. As the eldest CEO of a state-owned listed company, he had created a miracle over the past several years.