(Yicai Global) March 6 -- Country Garden's stock price plunged after the daughter of the founder of the leading Chinese property developer made a major personnel change with the firm's regional presidents' structure only three days after she was appointed chairwoman.

Country Garden [HKG: 2007] fell 4.6 percent to HKD2.52 (32 US cents) as of lunch break today, after sinking by as much as 6 percent during the morning trading session.

With the new regional president reform, there will no longer be one president for each of Country Garden's 58 regions, as 29 regional presidents with excellent performance will take charge of all 58 with each take one or more regions, Yicai Global learned from an internal document the Foshan-based firm sent on March 3.

The firm's founder, Executive Director, and Chairman, Yang Guoqiang, 67, resigned because of his age on March 1, according to Country Garden. Yang Huiyan, his daughter, was named to the chairmanship effective immediately. Yang Guoqiang remained as a special consultant.

The adjustment aims to adapt to changes in the external market environment by following the company's strategy, development needs, and the principle of 'regions are managed by excellent regional presidents,' the developer added.

Country Garden must find the regional presidents with the strongest capabilities and empower them to maximize their excellent management skills, it noted. Presidents of high-performing regions have been given more power and responsibility, while others were moved to different positions.

In 2021, Country Garden carried out a large organizational restructuring that cut the number of regions to 65 from 106, which was later reduced to 58.

Editors: Shi Yi, Martin Kadiev