(Yicai Global) Jan. 20 -- The founding chairman of Sany Heavy Industry stood down yesterday as part of a management reshuffle at the leading Chinese supplier of engineering machinery, with the firm saying the changes were aimed at improving governance and nurturing executives.

Liang Wengen was replaced by Xiang Wenbo, who was president, Beijing-based Sany said yesterday, while Yu Hongfy was promoted to president from vice chairman.

Under Liang’s leadership, Sany seized the market opportunities brought about by China's rapid economic growth and developed into a world-leading supplier of engineering machinery over the past three decades, the firm said. Liang, who is also Sany’s actual controller, will remain as a director focused on long-term strategy and development opportunities, it said.

Xiang made outstanding contributions to Sany while president, the firm said. Yu, who chaired subsidiary Sany Heavy Machinery, helped Sany become the world’s biggest maker of excavating machinery by sales, it said.

Sany produced more than 90,000 excavators in 2020, ranking first globally. By then, its revenue from excavators had been the highest in China for a decade.

Shares of Sany [SHA: 600031] ended 0.4 percent lower today at CNY24.25 (USD3.82) apiece, after earlier dipping by as much as 2.5 percent. The benchmark Shanghai Composite Index was little changed. The stock has gained 6.4 percent so far this year.

The company’s operating revenue rose 20 percent to CNY88.3 billion (USD13.9 billion) in the first three quarters of 2021 from a year earlier, per the firm’s most recent earnings report. Net profit was CNY12.6 billion (USD2 billion), up 0.9 percent. In 2020, revenue and profit jumped 31 percent and 36 percent to CNY100.1 billion (USD15.8 billion) and CNY15.4 billion, respectively.

Editor: Futura Costaglione