Richter Frank-Jurgen / Flickr cc

Liang Xinjun, co-founder and CEO of Fosun International — one China's largest privately held conglomerates —has resigned from his post of 25 years, citing health reasons, reports the China Money Network. Vice President Ding Guoqi has also stepped down.

Fosun's fellow co-founder, Guo Guangchang, announced their departures in an internal email to staff, and explained that this was a joint decision made two months ago. Wang Quinbin, another co-founder whose businesses include Club Med and Cirque de Soleil, will replace Liang as CEO.

Fosun has expanded aggressively in recent years, spending billions on overseas assets including financial services groups. It has purchased properties including the former headquarters of Italian bank Unicredit in Milan, London's Thomas More Square development, and the 1 Chase Manhattan Plaza tower in New York.

Go deeper

Obama: The rest of us have to live with the consequences of what Trump's done

Photo: Joe Raedle/Getty Images

Campaigning for Joe Biden at a car rally in Miami on Saturday, Barack Obama railed against President Trump's response to the coronavirus pandemic, saying "the rest of us have to live with the consequences of what he's done."

Driving the news: With less than two weeks before the election, the Biden campaign is drawing on the former president's popularity with Democrats to drive turnout and motivate voters.

Murkowski says she'll vote to confirm Amy Coney Barrett to Supreme Court

Sen. Lisa Murkowski. Photo: Alex Edelman/AFP via Getty Images

Sen. Lisa Murkowski (R-Alaska) said Saturday that she'll vote to confirm Judge Amy Coney Barrett to the Supreme Court on Monday, despite her opposition to the process that's recently transpired.

The big picture: Murkowski's decision leaves Sen. Susan Collins (R-Maine) as the only Republican expected to vote against Barrett.