Former Chief Executive Tung Chee-hwa is stepping down as chairman of the think tank he founded.

In a statement released on Thursday, the Our Hong Kong Foundation said its board of governers has appointed Tung as honorary chairman instead.

The body's executive vice-chairman and former Executive Council convenor, Bernard Chan, is taking over as chair.

The foundation's board said Tung "has given his all" to lead the foundation since its inception in 2014, and that it is delighted that he will continue contributing to the think tank in his new capacity.

The board added it is confident that Chan will lead the organisation to new heights in serving Hong Kong and contributing to the country.