New | Sunac CEO in China steps down but holds onto chairman role

The storied leader of property developer Sunac China Holdings announced his resignation as chief executive on Monday, the company said in a stock filing.

Sun Hongbin stepped down from the top spot but will remain chairman of the board and several other roles. Wang Mengde, the former executive president, has been appointed to the chief executive position.

Sun has been hailed somewhat of a corporate hero in China for his comebacks from adversity.

Early in his career at computer giant Lenovo, he was touted as one of the most promising business stars in China and was put in charge of the corporate development department of the firm.

However, he was found guilty of embezzling 130,000 yuan (HK$160,000) and sentenced to five years in prison. After he was released in March 1994, he appealed against his conviction, and in 2003 a judicial review found him innocent of the charge.

Sun stepped down as chief executive of Sunac so that he could “devote more of his time as the chairman of the board”, according to the filing.