New | Vanke founder Wang Shi to step down as chairman
Decision is a bookend to an 18-month takeover tussle that redefined the rules of corporate China, leading to an overhaul of its insurance industry and even the ouster of the industry’s regulator
Wang Shi, who founded the world’s biggest builder of residential homes, said he’ll step down by the end of June as chairman of the company he founded three decades ago, handing the baton to China Vanke Co’s president Yu Liang.
“I believe it’s the best timing. They are younger, but mature enough,” Wang said in a post on the account of his Wechat social network on Wednesday.
The Shenzhen-based developer is scheduled for its annual shareholders meeting on June 30, when 11 candidates will stand for election to Vanke’s board of directors. Wang will not be among the candidates.
The decision by Wang, 66, is a bookend to an 18-month takeover tussle that redefined the rules of corporate China, leading to an overhaul of its insurance industry and even the ouster of the industry’s regulator.