(Yicai Global) Dec. 12 -- Li Xiaopeng, general manager of China Merchants Group, will take over from Tang Shuangning, who is departing from his role as party chief and chairman of state-owned financial firm China Everbright Group, Sina Finance reported.

Li, 58, graduated from Wuhan University and holds a doctorate in economics. His past roles include:

• Vice president of Henan branch under Industrial and Commercial Bank of China Ltd. [SHA:601398];
• General manager of the business department at ICBC's headquarters
• President of ICBC's Sichuan branch
• Vice president of China Huarong Asset Management Co. [HKG:2799]
• Assistant to the president of ICBC
• President of ICBC's Beijing branch
• Vice president of ICBC
• Executive director of ICBC

He became chairman of the supervisory board at China Investment Corp. in May 2013 and has served as general manager of China Merchants since July 2014.

63-year-old Tang left his position as vice chairman of the China Banking Regulatory Commission in June 2007, to lead restructuring at China Everbright as party chief and chairman. He completed the firm's reorganization in seven years, making it one of the world's largest 500 companies in eight. After 10 years, its assets had risen to CNY4.5 trillion (USD680 billion) and it was making profit of CNY50 billion a year.