(Yicai Global) Dec. 27 -- Deng Hui has resigned from his post as president of Changjiang Securities Co. but will stay on as a director, the company said in a statement yesterday evening.

Reports surfaced yesterday morning suggesting the board had fired Deng from his role after a conflict between management and the firm's largest shareholder, Xinliyi Group. The Wuhan-based brokerage was quick to deny the rumor and confirmed he had chosen to depart, online financial news outlet Caijing reported.

Liu Yuanrui, a Changjiang vice president born in 1982, is pipped as the favorite to take over from Deng. But when questioned, the company said all appointments go through statutory decision-making procedures and the new president will be announced in due course.

Born in 1966, Deng is a veteran in the securities market. He joined Changjiang's predecessor, Hubei Securities, when it formed in 1991. He served as vice president of Qilu Securities (now Zhongtai Securities) in 2008, and during his tenure rapidly expanded the firm to bolster its market share. In March 2010, he took over as president of the firm. At the end of 2013, Deng returned to Changjiang Securities as chairman and became president in March 2015.