On-bus advertising firm M Channel has announced a further management reshuffle with the resignations of its chairwoman and three non-executive directors. Yesterday, it said Wendy Yeung Wing-yan had resigned as chairwoman and executive director with effect from Monday. Philip Wong Kan-to replaces her as chairman. Ms Yeung, who quit as M Channel chief executive in March, said she would devote more time to her public relations company, Occasions Corporate and Financial Communications. Two non-executive directors, Yang Bu-ting and Zhang Jiaji, resigned to pursue other business interests. Constance Choy Hok-man resigned as an independent non-executive director because she did not have enough time to carry out her duties, the company said. The resignations follow the departure this year of Cheung Kwok-wah as executive director and company secretary Tam Pui-na, who was replaced by Chan Dik-keung. In January, M Channel, controlled by merger and acquisition deal maker Charles Chan Kwok-keung, agreed to sell its Hong Kong bus advertising assets to First Place - the advertising agency for New World First Bus - for $25 million. M Channel's net loss widened 151.9 per cent to $253.6 million for the year, despite a 7.9 per cent rise in turnover to $35.48 million.