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Sunshine 100 CEO steps down

Property developer Sunshine 100 China Holdings Ltd. said Lin Shaozhou resigned as CEO of the company, effective May 11.

Lin stepped down because of his alternative personal career plans.

With the executive's departure, the company appointed executive director and Chairman Yi Xiaodi to take on the vacated top post, effective on the same date.

The company said it is deviating from a Hong Kong stock exchange rule that states that the roles of CEO and chairman should be held by separate individuals. According to the board, Yi serving as CEO and chairman at the same time will not impair the balance of power and authority between the board and the management because its board is mostly composed of nonexecutive and independent nonexecutive directors, among other reasons.