(Yicai Global) Aug. 21 -- Wang Yan, chief executive and president of China Merchants Securities, has resigned from his posts for personal reasons after six and a half years at the helm.

The firm, one of China's oldest and biggest brokerages, received Wang's resignation on Aug. 17, it said in a statement yesterday. He stepped down immediately and no longer holds any position at the company. Huo Da, chairman, will fill in as interim president and search for a replacement.

Wang obtained his PhD in national economics from Peking University in 2005. He has worked for China's largest bank, the Industrial and Commercial Bank of China, and began serving as president and CEO at China Merchants Securities in January 2012. During his time at the securities brokerage, he has served for the Shenzhen and Shanghai stock exchanges.

China Merchants Securities is one of the country's leading securities houses. It was the sixth-largest among 98 in terms of total assets last year, controlling CNY261 billion (USD41 billion) worth. Net assets tallied CNY76.9 billion and it made over CNY5 billion (USD734 million) in profit.

Editor: James Boynton