On 8 April 2009, CP announced a top management reshuffle. This involved the resignations of CP’s founding chairman, Yung, and Managing Director, Fan. The resignations came at a time of police investigations. In a statement to the Hong Kong Stock Exchange, CITIC Pacific said “Mr Yung believed that his resignation would be in the best interests of the company.” Chang Zhenming, the vice chairman and president of CITIC group, took over as chairman of CP. Zhang Jijing stepped up as the company’s managing director. By the end of 2009, CP had appointed a new financial controller, treasurer and several new executives. In addition, CP committed itself to appointing more independent board directors in the long run. Frances Yung, the Director of Group Finance, was not forced to leave the company but was instead demoted and took a salary cut.