China lithium giant's founder hands reins to daughter after major loss

Jiang Weiping, the founder of major Chinese lithium producer Tianqi Lithium, resigned as chairman after the battery-material producer reported its biggest-ever quarterly loss of more than half a billion dollars. The man who led Tianqi for more than two decades stepped down on Monday “in order to pass on the leadership of corporate governance to the next generation,” the company said in a statement to the Hong Kong stock exchange. He will be replaced by his daughter, Jiang Anqi.