China Telecom CEO Resigns On Corruption Allegations

(RTTNews) - China Telecom CEO Chang Xiaobing has resigned as a result of investigation on corruption allegation. He was also serving as the chairman and executive director of the state owned company. Yang Jie, COO, will be the acting chief executive officer, until new appointment, the company said.

The shares of the company have been on a decline as Xiaobing was being investigated by China's Central commission for Discipline Inspection. He was reportedly detained by the authorities on December 27. The commission has alleged that China Telecom chief is under the scanner for severe disciplinary violations.

Chang Xiaobing was the Chairman of China Unicom and party chief and became the CEO of China Telecom in August. China Telecom was reportedly looking for a merger with China Unicom.