Pak Tak (HKG:2668) Chairman Liao Nangang stepped down effective Wednesday, citing the need for more time for his other business commitments.
Chief Executive Officer Qian Pu also resigned, citing a need for more time for other commitments, according to a Wednesday filing with the Hong Kong bourse.
Wu Zongchuan will succeed Liao as chairman and chief executive officer of the non-ferrous metals and construction materials trader.
The new chairman and CEO is the father of shareholder Wu Qi, who holds 950 million shares or 16.87% of the company.
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