Jiangbo Pharmaceuticals Names New CEO

INDIANAPOLIS (AP) -- Chinese drugmaker Jiangbo Pharmaceuticals Inc. said Thursday Linxian Jin has been appointed CEO, replacing Wubo Cao, who resigned Tuesday.

Cao will remain company chairman, and Jin's appointment is effective Thursday, the company said.

Jin joined a Jiangbo subsidiary, Laiyang Jiangbo Pharmaceuticals Inc., as deputy general manager of production technology in April 2008. He also has served as general manager of Shandong Luxi Pharmacy Co. Ltd. and deputy general manager of Shandong Quancheng Pharmaceutical Co. Ltd.

U.S.-traded shares of Jiangbo fell 40 cents, or 4 percent, to $9.03 in Thursday trading.