BEIJING, May 4 -- China's Sinopec Group, parent company of China's top oil refiner Sinopec Corp., announced on Monday that Wang Yupu has been named as its new chairman.

It was agreed at the Sinopec senior executives' meeting that Wang will replace Fu Chengyu as the new chairman and Party chief.

Last week it was announced that Wang Tianpu, the general manager of Sinopec Group, has been put under investigation for suspected "serious law and discipline violations," according to the Communist Party of China Central Commission for Discipline Inspection.

Sinopec Corp. announced last week that its net profits plummeted 84.6 percent year on year in the first three months of 2015 to 2.17 billion yuan (354.58 million U.S. dollars).