Chinese lottery service provider 500.com has promoted chief financial officer Zhengming Pan to president of the company, with Min Yu hired as his replacement.

Both appointments are effective from September 1st this year.

500.com chief executive Vincent Law explained that the appointment would allow him to focus on the overall management of the company, develop its growth strategy and pursue the opportunities ahead of it, while Pan will oversee the day-to-day running of the business.

Pan has served as CFO of the lottery supplier since April 2011, joining from Deutsche Bank, where he served as a vice president 2007 until 2011, having spent the previous four years as a lawyer for Simpson Thatcher & Bartlett.

His replacement, Yu, also joins from Deutsche Bank’s Hong Kong branch, where he served as a vice president, working on equity, bond and mergers and acquisitions transactions and executions from 2010 to 2014, and was part of the team that worked on 500.com’s initial public offering in 2013.

Before joining Deutsche Bank in 2010, he worked at Macquarie Capital Advisors between 2007 and 2010, and holds a degree in finance and accounting from the University of Melbourne.

Commenting on Pan’s promotion and Yu’s appointment, Law said he was pleased to welcome the pair to their new roles.

“I am confident that Mr. Yu, who was instrumental in bringing 500.com to the market last year, will make a great addition to our team with his extensive experience in the global markets,” he added.

Shares in 500.com Limited (NASDAQ:WBAI) fell 0.56 per cent in after hours trading yesterday to $37.25 per share in New York, having closed up 1.24 per cent at $37.46 per share.

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