Huang Guangyu, China's home appliance tycoon, has resigned as a director of Gome Electrical Appliances, the company said in a notice to the Hong Kong Exchanges late Sunday.
Huang also ceased to be chairman of the group, effective on January 16, according to the notice.
Huang's resignation was a result of his "inability to perform his duties as a director of the company," it said, and the resignation would not materially affect the business and operations of the group.
According to the notice, Chen Xiao was appointed chairman and chief executive officer of the group, effective from January 16. Chen was appointed as the acting chairman of the group on November 27 last year.
Huang, a self-made billionaire, was detained on November 24 on claims that he had manipulated share trading in two listed companies, Sanlian Commercial Co and Beijing Centergate Technologies Co. His company, the Hong Kong-listed Gome Electrical Appliances Holdings Ltd, has been suspended from trading since November 24.
His wife, Du Juan, was also under investigation for alleged involvement in economic crimes, Beijing police confirmed last week.
(Xinhua News Agency January 19, 2009)