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| Outgoing chairman of West Bromwich Albion, Jeremy Peace |
Former Blackburn chief executive John Williams will replace Peace, who has been chairman for 14 years.
“My immediate priorities will be to maintain the club’s stable structure, respecting its well-run nature and its heritage,” said Lai.
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| John Williams, new chairman of West Brom |
Lai, 42, oversaw the growth of landscaping company Palm in his home country before retiring in May 2014 to focus on private investment.
Palm, which was valued at £1.8bn on the Chinese stock exchange, has contributed to the takeover.
The deal was agreed in June and is dependent on approval from the Financial Conduct Authority and the Premier League.
West Brom came close to being sold to a Chinese consortium last summer before Peace, who owned 88% of the club, broke off negotiations.
It had been reported that Peace was looking for about £150m for his stake in the club, which recorded pre-tax profits of £7.6m in April.
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