The board of directors of the China Investment Corp (CIC), the nation's sovereign wealth fund, passed the resolution to appoint 48-year-old Peng Chun as the company's executive vice president and 46-year-old Fan Yifei as the executive vice president and deputy chief operations officer, according to the company's website.

Yang Qingwei, 62, has retired from his position as the company's executive vice president and deputy chief investment officer, according to the statement published on Thursday.

CIC now has five executive vice presidents: Zhang Hongli, Peng Chun, Fan Yifei, Xie Ping and Wang Jianxi. Meanwhile, Zhang is chief operations officer and Wang Jianxi chief risk officer.