Hong Kong. File Image / Pixabay
Brightoil's Xie Wenyan has resigned as an executive director, with the company saying there had been "concern raised as to Mr Xie's suitability to act as an Executive Director," without elaborating further.
With Xie having only stepped up to the new role last May, he will now continue as an employee in his role as Chief Executive Officer of the group's upstream business.
"Mr. Xie confirmed that he has no disagreement with the Board, and there are no other matters
in relation to his resignation that need to be brought to the attention of the shareholders of the Company and the Stock Exchange," the Hong Kong-listed company said in a filing.
The resignation was effective October 11 and the search for Xie's replacement is underway.
The resignation is the latest in a series of recent management shuffles that have come as the company continues its efforts to restructure its finances.