Regarding the recent dual-CEO structural adjustment at a leading exchange, there hasn’t been much discussion within the industry, but this change is quite thought-provoking.

Looking at the organizational structure, Richard Teng is now mainly responsible for compliance and regulatory liaison, while He Yi oversees business lines, product direction, and team personnel. This division of labor is actually quite clear—in any mature enterprise, the person in charge of business, product, and people is truly at the core of decision-making.

On the surface, a dual-CEO setup looks like a decentralization of power, but in reality, it may be more of a transitional arrangement. Compliance is indeed important, but whoever controls the lifeblood of the business and the team essentially determines who is steering the ship.