Following the abrupt resignation of director and President Benny H. Goh on May 27, China Yuchai International (NYSE: CYD) has been operating with an interim officer, Kok Ho Leong, who also held the position of CFO while a replacement was found.
The heavy-duty diesel engine manufacturer announced today that board director Weng Ming Hoh was appointed to serve as president effective July 17. Hoh previously served as the company's CFO and acting president, and with his assumption of his new position, Leong will relinquish his role as acting president.
The brief announcement made at the time of Goh's resignation indicated simply that he was leaving the company effective May 1 to "pursue other opportunities." Although the company wished him well in his new endeavor, it's an unusual turn of events for a company, as most wish for an orderly transition process. However, China Yuchai's stock has risen nearly 9% since Goh's resignation.