China Mobile said yesterday Lu Xiangdong had resigned as an executive director and vice-president of the telecommunications giant because of his inability to perform his duties amid a probe related to financial issues.
The company said in a filing to the stock exchange earlier this month that Lu was 'assisting judicial authorities in the investigation of suspected financial-related issues'.
Lu oversaw the Beijing-based carrier's development strategy, planning and construction, in addition to procurement, according to the company's annual report last year.
The resignation leaves the company's upper management depleted amid rising competition from industry rivals. Chairman Wang Jianzhou, 63, is expected to retire this year.
Wang said: 'I am ready to retire. As to when that will happen, it is up to the upper-level department to decide.'
Meanwhile, the company is still talking to Apple about offering iPhones to customers while rivals China Unicom and China Telecom are already issuing the popular smartphone.