Cango (CANG) said Wednesday that Peng Yu has been appointed chief executive officer and Yongyi Zhang chief financial officer, as the company reshuffles its board and management.

Other changes include Xin Jin being selected as chairman of the board, Chang-Wei Chiu as director, and Simon Ming Yeung Tang as chief investment officer. All the appointments take effect immediately, the company added.

The company also accepted the resignations of Xiaojun Zhang from the roles as chairman and director and Jiayuan Lin as CEO, Interim CFO, and director. Their departure coincides with the secondary sale of 10 million class B shares to Enduring Wealth Capital for $70 million, Cango said.

Following the sale, co-founders Zhang and Lin converted their remaining class B shares into class A shares and now hold 18.54% of total outstanding shares and 12.07% of voting power. Enduring Wealth Capital now owns about 2.82% of the company's outstanding shares and holds 36.73% of the voting power, according to the statement.

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