(Yicai) April 11 -- The president and chief financial officer of China International Capital Corporation, the country’s largest investment bank, will leave after around half a year at the reins.

Wu Bo no longer serves as CICC’s president and CFO because of other job opportunities, effective immediately, the Beijing-based company announced yesterday. Chairman Chen Liang will perform the duties of president, and management committee member Xu Yicheng those of CFO until CICC chooses a formal successor.

After an organizational reshuffle around the fourth quarter of last year, Wu Bo was named CFO and president of CICC in September and October last year, respectively. Wu worked for CICC for 20 years. Before, he worked at multinational accounting firms Arthur Andersen and PricewaterhouseCoopers.

Xu has held several key positions in CICC. He is one of the first merger and acquisition professionals in China. Xu completed many landmark M&A transactions as leader of CICC’s M&A department, which was established in 2005.

CICC’s earnings declined last year for the second consecutive year because of the downward trend in the Chinese securities market. Operating revenue was CNY23 billion (USD3.2 billion) in the 12 months ended Dec. 31, down 12 percent from the year before. Net profit shrank 19 percent to CNY6.2 billion (USD857 million).

CICC’s average annual salary was CNY696,800 (USD96,300) last year, down over 10 percent from the previous year, according to data provider Wind Information. It fell about 40 percent since 2020.

Editors: Tang Shihua, Futura Costaglione