(Yicai Global) May 16 -- The founder of Sany Group is stepping down as chairman due to his age and the position of chairman will now be rotated between two Board directors, the Chinese engineering machinery giant said yesterday.

Liang Wengen, who turns 67 this year, will remain head of the group’s board of supervisors for some time to come and will serve as consultant to the firm, the Changsha, central Hunan province-based company said.

Board directors Tang Xiuguo and Xiang Wenbo will take turns to be chair every six months, it said. The chair is the leader of the group's daily operations, in charge of implementing the group's strategy, presiding over board meetings and other responsibilities.

60-year-old Tang, who is one of the founders of the group, is currently the company president, and 61-year-old Xiang is chair of unit Sany Heavy Industry. Xiang replaced Liang who stepped down early last year.

Liang, Tang and two others set up a welding factory in 1986 using CNY60,000 (USD8,622) that they borrowed. The company was renamed Sany Group in 1991 and over the past 30 years, it has gradually developed into a conglomerate spanning engineering machinery, wind and solar power, heavy-duty trucks, industrial internet and other areas.

The company’s three subsidiaries have all gone public. Sany Heavy Industry, the country’s leading engineering machinery supplier, is listed on the Shanghai bourse's main board, Sany Heavy Equipment International Holdings has gone public in Hong Kong and Sany Heavy Energy is listed on Shanghai’s Star Market.

Editor: Kim Taylor