Wang Shi, the founding member of the nation’s largest developer, is stepping down as chairman of Vanke Group. The 66-year-old Wang is expected to be succeeded by Yu Liang, 52, Wang’s trusted associate and Vanke’s general manager, according to Caixin. The real-estate company filed a statement with the Shenzhen bourse Wednesday morning that announced a list of seven proposed non-independent directors. Yu was first on the list, while Wang was not included. The election for new leadership will be on June 30. “I declined to be proposed as a member of the company’s board even as we began to prepare for the latest round of board elections,” the businessman said in a social media post. “I will be passing on the baton to the team led by Yu Liang, and I believe this is the best time to do so.” Vanke’s largest stakeholder, Shenzhen Metro Group, stated its approval of the legendary management figure’s decision in a statement on Wednesday.