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Sinopec board chairman steps down

Dai Houliang resigned as board chairman and nonexecutive director of Chinese integrated oil and gas company China Petroleum & Chemical Corp., or Sinopec, citing a "change in working arrangement."

Dai also stepped down as chairman of the board's strategy, social responsibility management and nomination committees, according to Jan. 19 news release.

The company's directors recommended Ma Yongsheng to serve as chairman from the recommendation date to when a new chairman is elected.