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China Everbright chairman steps down, replacement named

China Everbright Ltd. said Tang Shuangning stepped down as the company's chairman, effective Dec. 12.

He was redesignated as a nonexecutive director from an executive director.

Cai Yunge, executive director and deputy chairman, was appointed as the new chairman of the company.

Tang proposed the changes to his roles in order to pursue more commitments on the strategic development of two controlling shareholders of the company, China Everbright Holdings Co. Ltd. and China Everbright Group Ltd., both of which he is chairman of. He is also chairman of China Everbright Bank Co. Ltd.

Meanwhile, Wang Weimin resigned as a nonexecutive director of the company, effective Dec. 12.