Huawei Technologies, China-based telecom equipment maker, has elected a new board in its first reshuffle since 2012.

The unexpected reshuffle of the top management offers some insight on the largest telecom gear making company’s succession plans following speculation about the retirement of founder Ren Zhengfei.

73-year-old Ren Zhengfei, a former People’s Liberation Army officer in 1987, will step down as vice chairman, though he will remain as CEO and board member under the new board, Reuters reported.

Huawei said Liang Hua, who has held various positions since joining the company in 1995, will become chairman, replacing chairwoman Sun Yafang.

Ren’s daughter, Meng Wanzhou, who is CFO, was elected one of the four vice chairpersons in the board reshuffle.

Its rotating CEO system, in which Guo Ping, Eric Xu and Ken Hu used to take turns as CEO, would be replaced by a rotating chairman system. The company said chairmen will include Guo, Xu and Hu. Huawei said the new appointments take place with immediate effect.