The boss of one of China’s biggest companies has become the latest victim of President Xi Jinping’s crackdown on corruption.
Chang Xiaobing quit as chairman and chief executive of China Telecom in the wake of his detention by Beijing authorities this week for “severe disciplinary violations”.
The state-owned company said in a statement to the Hong Kong stock exchange that he had quit “in relation to the investigation”.
“The board of directors hereby announces that Mr Chang Xiaobing has resigned from his positions as the executive director, chairman and chief executive officer of the company, with effect from 30 December 2015,” the statement said.
“Mr Chang has confirmed that he has no disagreement with the board and there is no other matter in relation to his resignation that should be brought to the attention of the shareholders of the company.”
A succession of business figures have been detained in recent months as Xi’s bid to root out corruption has intensified.
Earlier in December, Guo Guangchang, the head of Fosun group, China’s largest private sector conglomerate, was detained by police. He re-emerged three days later after “assisting in certain investigations”.
Also in December, two investment bankers from the securities firm Citic were detained without explanation.
China Telecom shares fell slightly on the Hong Kong market.
Yang Jie, the executive director, president and chief operating officer of the company, will take over until a permanent replacement for Chang was found, the statement said.
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