(ECNS) - A total of 909 listed Chinese companies have reported reshuffles of senior positions, including the resignation of top managers in 15 companies, as the stock market struggles to heal the wounds of last year's meltdown.
As listed companies release interim reports, many have reported changes in management structure, such as the resignation of a number of senior executives in seven companies on July 26 alone.
Since the beginning of this year, 909 public companies have already published 2,052 resignation reports, with some personnel changes fueling stock price increases in July due to expectations of restructuring.
It's not unusual for people to quit their jobs to find better career options, but it's surprising that more and more companies have lost several or more than 10 top managers in one single reshuffle, the Securities Daily reported.
The main reasons top executives cited for walking away were usually "personal decisions" or "for work," although the real reasons range from heavy losses, back-door listing or selling of shares to gain profit in their new positions.
Insiders have called on listed companies to provide full information about the changing of top executives to avoid market speculation or volatility.
Some experts have also called for the regulatory body to introduce more specific policies regarding the conditions for top executives to sell their shares.
