Shangshang: CEO handover is proceeding in an orderly manner

Shanghai Commercial Bank announced on Tuesday that its Chief Executive Officer Lin Yongde has resigned, effective immediately, but did not mention the reason for his resignation. Subsequently, an anonymous letter cited information stating that on the day of his departure, Lin Yongde sent an internal email to employees, mentioning that he decided to leave "due to differences of opinion with the board of directors," although he still expressed gratitude for the support and trust from the board during his tenure.

A spokesperson for Shanghai Commercial Bank stated yesterday that the board confirmed that the handover of the CEO is unrelated to any misconduct, negligence, or governance issues, and is being conducted in an orderly manner