Levin Zhu resigns from CICC

China International Capital Corp (CICC), the country's largest investment bank, announced Tuesday that Zhu Yunlai, also known as Levin Zhu, has resigned from CICC's CEO and Chairman of the Management Committee.

Lin Shoukang, CICC's chief operating officer, has been appointed as CICC's acting CEO and Chairman after the board of directors approved Zhu's resignation, according to a statement issued by the company.

"The board of directors has expressed its utmost gratitude to Levin Zhu for his outstanding contributions to CICC over the past 16 plus years," the company said.

Under his leadership, CICC has established a research based full-service investment bank business framework of three major business segments, Investment Banking, Sales and Trading and Investment Management with a strategic business network based in the Chinese mainland, New York, London, Singapore and Hong Kong, it added.

The statement did not specify why Zhu decided to resign.