Kumagai Gumi in reshuffle

Yu Ching-po has stepped down as managing director of Kumagai Gumi but will retain the chairmanship after selling most of his stake in the construction company to China Everbright International. China Everbright has appointed the high-profile chairman of China Everbright group Zhu Xiaohua as Kumagai's deputy chairman. Wang Xiangfei has been appointed as a non-executive director. Former deputy managing director and deputy chairman Ma Si-hang will replace Mr Yu as managing director. China Everbright is now the single largest shareholder in the company with 20.98 per cent after Mr Yu sold a 10.8 per cent stake in the company for $652.5 million.