China's CITIC Group has appointed Zhu Hexin as its Party chief, replacing Chang Zhenming, the state-owned banking and financial conglomerate said on Friday.

Zhu Hexin was also recommended to be the candidate for chairman of the group.

Zhu was vice governor of the People's Bank of China from July 2018 to March 2020, before which he was vice governor of Sichuan Province, starting in June 2016. He previously worked for Bank of China and Bank of Communications.

Chang has worked for CITIC Group for 35 years and was named as the company's chairman and the Party chief of it group's CPC Committee in December 2010.

Founded in 1979, CITIC Group owned a total assets of 7.67 trillion HK dollars or about 7 trillion yuan as of the end of 2018. Its revenue reached 70.7 billion U.S. dollars in 2019, moving up 12 spots to rank 137th in the Fortune 500 list.

The conglomerate's listed units in Hong Kong include CITIC Pacific, CITIC Bank, CITIC Resources, CITIC 21CN Co Ltd and Asia Satellite.