Chinese LED manufacturer Changelight Chairman Dianming Deng has retired from his role as the company chairman, and successor has been chosen by the company board, according to a recent company statement.

At a recent third general shareholders meeting, the company board approved the appointment of Weiyong Wang as the new chair.

The company board also decided at the meeting that Deng would no longer hold onto the roles of company chairman and company strategic development committee chairman.

Deng, who founded Changelight in 2006, has a 12.87% stake (equivalent to 90.65 million shares) in the company. Under his resignation agreement, Deng is banned from transfering or selling his company shares within the next two years. The 60-year old former chairman has cited age as the primary reason behind his retirement and resignation.

The company’s new chairman Wang, is currently the company’s largest shareholder with a stake of 15.92%, equivalent to 112.17 million shares.

Wang, who has permanent residence in Canada was born in 1969, and has a science background. He has been the company’s vice chairman and president since July 2011, interestingly he resigned from his role as president on May 19, 2015.

The new chairman is not related to any other senior managers or shareholders with a stake more than 5% in the company.