Kaisa Group Holdings Ltd. has named Zheng Yi as its new chief executive officer (CEO). Zheng’s appointment will take effect from 11th June this year.

According to a press release, Zheng joined the group in July 2007 and has held various positions, including being the president of Kaisa Zhiye Development (Shenshen) Co., Ltd.

Zheng has had extensive experience in urban redevelopment projects.

“Pursuant to his service agreement with the company, he is entitled to a director’s fee of HK$1,730,000 per annum which is determined with reference to his responsibilities with the company and the company’s remuneration policies,” the press release stated with reference to Zheng.

The company also  announced that Ye Lieli, executive director and vice chairman of the firm’s board and Jin Zhigang, an executive director of the board will both be resigning with effect from 11 June 2015.

Both Ye and Jin confirmed there is no disagreement with the board and are resigning due to their wishes to devote more time on their other business commitments.

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