Strong Petrochemical Holdings (HKG:0852) accepted the resignation of Yao Guoliang as chief executive officer on Jan. 24.
Yao resigned as CEO due to his dispute with another executive director, Wang Jian Sheng.
The oil company also terminated Tan Xiao's employment as co-CEO effective Feb. 10 following a loss of trust between the parties, a Monday bourse filing said.
Strong Petro said it is carrying out an independent investigation regarding the conduct of Yao and Tan during their employment with the company.
"The Board is of the view that the Resignation and the Termination will not have adverse impact on the operations of the Group, which continues to carry out its day-to-day business operations. The Board is in the course of identifying suitable candidates with sufficient knowledge, skills and experience to fill the vacancy of the chief executive officer," Strong Petrochemical said.
Price (HKD): $0.17, Change: $-0.012, Percent Change: -6.74%
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