Shang Bing has stepped down as chairman and an executive director of China Mobile Ltd., according to a regulatory filing.

The Chinese mobile operator named Yang Jie its new chairman and executive director, effective March 21. Yang is also chairman of China Mobile's ultimate controlling shareholder China Mobile Communications Group Co. Ltd. He was previously chairman and CEO at China Telecom Corp. Ltd.

China Mobile said Yang will not be covered by a service contract, and that he will retire at the next annual general meeting and will be eligible for re-election later.

Meanwhile, the company unveiled plans to boost speeds and reduce rates for its broadband services, in compliance to regulatory requirements set by the Chinese government. It also intends to continue trials of 5G services prior to a pre-commercial launch in 2019.