Huawei announced a board shake-up which includes the appointment of company veteran Liang Hua as its new chair, replacing chairwoman Sun Yafang.
In a statement, Huawei said Hua, who held numerous positions at the company since joining in 1995, would assume the chairman position with the changes expected to be made with immediate effect.
The company also named four deputy chairs to serve under him. These include Guo Ping, Eric Xu and Ken Hu – who previously served as the company’s three rotating CEOs.
Reuters and Forbes reported the rotating CEO system would be replaced by a rotating chairman system, but this was unconfirmed. Current CFO Meng Wanzhou, the daughter of Huawei’s founder Ren Zhengfei, was named as the fourth deputy chair.
The changes follow mounting speculation over the pending retirement of the founder, who is expected to stand down in the near future.
Huawei said Zhengfei will remain in his position as CEO and member of the board. A timeframe was not given for his retirement.
The board consists of 17 executives, including three “alternate members”.