Exclusive: Wolves chairman Jeff Shi steps down as club set to announce interim replacement
Jeff Shi has stepped down as Wolves' executive chairman with immediate effect and Nathan Shi has been appointed as his interim replacement, the Express & Star understands.
Shi has left the club after nine-and-a-half years and his namesake - who he is not related to - has taken over on a temporary basis.
The new interim boss will work closely with technical director Matt Jackson, head coach Rob Edwards and senior management at the club, while the board begin the process of appointing a new permanent executive chairman.
Nathan Shi joined Fosun in 2016 and has now moved into his biggest role with the company as interim boss at Wolves.
Jeff Shi has stepped down from his role at Wolves, but will remain chairman and CEO of Fosun Sports Group, the subsidiary company of Chinese conglomerate Fosun, who own Wolves.
It is understood that Jeff Shi will no longer have any say over the day-to-day operation at Wolves.
Jeff Shi arrived in July 2016 when Fosun bought Wolves and he has run the club ever since.
Wolves had sustained success in the first few years under Shi and Fosun as they were promoted back to the Premier League, had two seventh-placed finishes, got to the quarter-finals of the Europa League and the semi-finals of the FA Cup.
But Wolves have had five managers in four years since popular boss Nuno Espirito Santo departed and Fosun's reluctance to spend, while a strategy to consistently sell the club's best players, has seen Wolves struggle at the wrong end of the table.
They have finished 16th, 14th and 13th in the last three seasons and been embroiled in relegation battles, while this year they look set to finally drop to the Championship after picking up just two points in 16 matches.
Shi has become increasingly unpopular in recent years as Wolves struggle to stay afloat in the top flight.
Supporters - who have arranged protests in the last few weeks and have plans to continue that at games - have consistently aired their frustration towards Shi and his handling of the club.
The former chairman has also invited some criticism with comments made publicly, including in an interview with BBC WM last week, in which he stated relegation was a 'technical' term and less of a concern inside the club.
Now, Shi has left the club in a dramatic turn of events.
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