China Everbright Chief to Step Down After One Year in Post

China Everbright Group Ltd.’s Communist Party chief and Chairman Wang Jiang will step down a year after taking the helm of the $1 trillion financial conglomerate.

The party’s Organization Department announced the decision Tuesday at an internal meeting of China Everbright, the state-owned company said. Wang is departing “for other job arrangement,” it said, without giving details.

Wang, 60, was named to head China Everbright in March 2022, replacing the retiring Li Xiaopeng. Li, who led China Everbright since December 2017, was placed under investigation for suspected corruption in April this year.