China Yurun chairman quits, CEO takes on role

HONG KONG -- Chinese meat processor China Yurun Food Group Ltd said founder Zhu Yicai has resigned as chairman with immediate effect but will become honorary chairman and a senior advisor, the latest management reshuffle by a Chinese company.

China Yurun Food last month denied what it said were "recent rumours alleging certain accounting misstatements". The company also said rumours alleging product contamination were ungrounded and misleading.

The company's shares have fallen more than 30 percent this year, compared with a 7.4 percent rise in the benchmark Hang Seng Index.

In a filing over the weekend, China Yurun Food said Zhu had resigned due to commitments in serving the community and other personal investments which required more of his attention.

Chief executive Yu Zhangli had been appointed as chairman, and Li Shibao was appointed to replace Yu as chief executive.