Yancoal Australia has announced that its chairman of the board Baocai Zhang has resigned.
The company cited Zhang’s hopes to devote more time to his other business engagements and positions he holds as the reason for stepping down from the role.
Zhang has worked at Yancoal since 2004. He first joined its board before the company joined the Australian Securities Exchange (ASX) in 2012. He previously served as co-vice chairman and chair of the executive committee from 2013 to 2018, and then began his position as chairman in 2018.
Yancoal said that during his tenure, Zhang’s vision, ability and determination helped transform the company, such as through its acquisition of Australian mining company Coal & Allied in 2017.
“The board thanks Baocai Zhang on the contributions he made serving as a director and chairman of the company. His passion, dedication, commitment, and capabilities were invaluable in driving Yancoal’s significant growth,” Yancoal said.
Zhang will also step down as a member of Yancoal’s nomination and remuneration committee and as chairman of the strategy and development committee.
Yancoal non-executive director Gang Ru has assumed the role as chairman, beginning on September 15.
He has nearly 30 years of experience in financial and capital management, corporate organisational management and investment. Though his roles with coal mining company Shandong Energy, Ru has worked closely with Yancoal since 2015.
“The appointment of Mr Ru as the chairman is one that will benefit Yancoal and its shareholders. He will undoubtedly provide the leadership and strategic initiatives required to drive the next stage of the company’s development,” Zhang said.
Yancoal is expected to announce details of the updated composition of its board committees at a later date following board approval.
The coal miner has also celebrated 13 production operators of its Premier Coal mine who are retiring.
