Yung Shun Loy is stepping down as China Telecom’s deputy CFO on Sunday. He was promoted to the role in Feburary, soon after 59-year-old CFO Wu Andi said she was retiring because of her age.
Yung Shun Loy is stepping down as China Telecom’s (HKG:0728) deputy chief financial officer on Sunday after just nine months in the role.
The telco told Hong Kong’s stock exchange that Yung is leaving due to a “personal change of job”, adding that he had no disagreements with the board.
He was promoted to the position in February soon after 59-year-old Wu Andi said she was retiring as CFO because of her age. A replacement has not yet been announced.
Yung was China Telecom’s assistant CFO before his promotion. He also acted as its company secretary and will continue to do so until 1 November.
He is a member of Hong Kong’s Institute of Certified Public Accountants and the UK’s Association of Chartered Certified Accountants, and is a certified practising accountant in Australia.
The telco said it will make a further announcement about management changes after appointing a new company secretary.
China’s telecoms market is in the middle of a transformation that will see its three largest players pool their towers into one joint venture. Called China Tower, the venture aims to enhance network coverage, cut costs and improve synergies.
China Telecom will own 27.9% of the group, while larger rivals China Unicom (SHA:600050) and China Mobile (HKG:0941) will hold 28.1% and 38%, respectively. State-run investment firm China Reform Holdings Corp (CRHC), responsible for managing and optimising assets owned by the government, is taking the remaining 6%.
