CPDC Chairman Chen Rui-long resigns after annual shareholders' meeting

Chen Rui-long, chairman of China Petrochemical Development Corporation (CPDC), announced his resignation after presiding over the annual shareholders' meeting this morning. CPDC announced that it had received the chairman's resignation, which will take effect on June 1. CPDC stated that it already has a suitable candidate for the chairman vacancy and will confirm the appointment through the board of directors in accordance with corporate governance procedures after full internal discussion, followed by a legal announcement. CPDC emphasized that succession planning has been integrated into the overall talent development strategy to ensure the stability and continuity of the governance team. The company aims to continue creating long-term value for shareholders, fulfill corporate social responsibilities, and move toward sustainable business goals. Chen Rui-long is a former Minister of Economic Affairs who transitioned to the industry after leaving office. In late January 2020, Chen, who was originally an independent director of CPDC, was elected chairman. CPDC's subsidiary, Ding Yue Development, was involved in the Core Pacific City scandal. The Taipei District Prosecutors Office concluded its investigation on May 8 and indicted 13 people, including Core Pacific Group Chairman Shen Ching-ching, for violations of the Securities and Exchange Act and the Money Laundering Control Act regarding the irregular land transaction of Core Pacific City. Chen Rui-long was among those indicted. Prior to this, in November 2025, Chen resigned as the corporate director representative of the group's affiliate, BES Engineering, citing personal subjective and objective factors. BES Engineering stated at the time that Chen resigned due to retirement plans, and rumors circulated that he was considering resigning as CPDC chairman or retiring.