BEIJING -- The Chinese Basketball Association League Sports Company announced on Sunday that its board has approved of chief executive officer Wang Dawei's resignation, citing personal reasons, with president Yao Ming set to take charge of operation of the corporation.

In a statement, the CBA League Sports Co. said that it received the submission for resignation from Wang on Saturday. Following a special meeting of board members on Sunday, the board approved Wang's resignation.

"Wang will not serve as the CEO and legal representative of the CBA League Sports Co as of today," read the statement.

Following the resignation, Chinese basketball legend Yao will take charge of the corporation's operation on a daily basis, the statement said, adding that the corporation will adhere to the "CBA 2.0" initiative to advance the league's development in a smooth manner.

The CBA, which resumed action on June 20, is underway in the second stage of the 2019/20 regular season.