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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China Eastern Airlines in management reshuffle AP - Saturday, December 13 SHANGHAI, China - The chairman and president of China Eastern Airlines, one of several major state-owned carriers, have been replaced as part of a government-managed shake-up of the troubled industry. Liu Shaoyong, chairman of rival China Southern Airlines, was appointed to replace Shanghai-based China Eastern's chairman Li Fenghua, the carrier said in a statement to the Hong Kong Stock Exchange. Ma Xulun, deputy general manager of China National Aviation Holding Co. _ the state-owned parent of flag-carrier Air China _ was named president of China Eastern, replacing Cao Jianxiong, it said. The announcement characterized the appointments as a "reallocation of appointment," however the moves are widely seen as part of a government-orchestrated industry shake-up. In a separate announcement, China Southern said Liu had resigned as chairman. It appointed another company director, Li Wenxin, to be acting chairman until Liu's replacement is named. Earlier this year, China Eastern saw a deal to sell a strategic stake to Singapore Airlines and Singaporean government investment arm Temasek Holdings fall through. A competing plan to sell shares to China National Aviation Holdings also failed. More recently, the airline was the subject of speculation that it might merge with local rival Shanghai Airlines, but China Eastern denied that. The management reshuffle is expected to facilitate a merger with Shanghai Airlines, the financial magazine Caijing and other state media reports said. China Southern and China Eastern each are in the midst of receiving 3 billion yuan ($440 million) capital injections from the government, intended to tide them through financial crises. Both airlines have been hammered by swings in currency values and oil prices, amid weakening passenger and freight demand. State-owned carriers tallied losses of 4.2 billion yuan ($613 million) in January-October. Earlier this week, the government urged the airlines to cancel or defer aircraft deliveries until business recovers. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China Yanjing Brewery placement raises $164 mlnReuters - 55 minutes ago S.Korea vows cooperation with China, Japan on crisisReuters - 1 hour 14 minutes ago China Hainan Air to buy $344 mln of group assetsReuters - 1 hour 23 minutes ago German bourse opens office in Beijing: statementAFP - 1 hour 27 minutes ago Related Articles: Business China Yanjing Brewery placement raises $164 mlnReuters - 55 minutes ago S.Korea vows cooperation with China, Japan on crisisReuters - 1 hour 14 minutes ago Pakistani cenbank sells 13.5 bln rupees of T-billsReuters - 1 hour 16 minutes ago China Eastern names rival chief as directorReuters - 1 hour 18 minutes ago China Hainan Air to buy $344 mln of group assetsReuters - 1 hour 23 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US carmakers mull options as White House vows aid US Senate fails to reach deal on auto bailout Autism, other disorders linked to post-natal factors: study Muslim pilgrims stone Satan at the hajj Sarcasm finds medical use in dementia detection View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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