SINGAPORE - Mainboard-listed commodity major Noble Group announced on Wednesday the appointment of Mr Yu Xubo, president of state-owned Chinese food processing giant Cofco Corporation, as a non-executive director with immediate effect.
Mr Yu, who has held his post at Cofco since 2007, replaces Mr Li Rongrong, former chairman of China's State-owned Assets Supervision and Administration Commission, whose term has expired.
In welcoming Mr. Yu's appointment, Noble founder and chairman Richard Elman said in a statement: "Having risen through the ranks at Cofco to his current leadership role as president, Patrick played a key role in the formation of the joint venture between Cofco and Noble Group through Noble Agri."
"We believe Mr. Yu will bring his significant industry experience to the board of Noble Group and contribute to enhance shareholder value," Mr Xie Ping, executive vice president of China Investment Corporation (CIC), China's sovereign wealth fund, said in the statement.
"As a major shareholder of Noble Group, we will continue to support its business."
CIC is the second-largest shareholder in Noble with a 9 per cent stake, after Mr Elman who holds a 21 per cent stake.
Noble shares were trading up 2.5 cents, or 3.6 per cent, at 72 cents at around 10am on Wednesday.
It is down more than 40 per cent since mid-February when Iceberg Research issued its first research report on the company, questioning its accounting practices.
Mr Yu is also the chairman & non-executive director of China Agri-Industries Holdings, chairman & non-executive director of China Foods, vice-chairman and non-executive director of China Mengniu Dairy Company and chairman and non-executive director of China Modern Dairy Holdings.
He joined Cofco's agri-commodity import and export department in 1988 and started its commodity futures business in 1992 after working in the Chicago-based joint venture between Cofco and the Continental Grain Company.