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Ping An Insurance’s Peter Ma Mingzhe steps down as he hands over the reins to three co-CEOs

  • Co-founder Peter Ma will continue in his role as chairman
  • Chief financial officer Jason Yao Bo has been named as third co-CEO

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Peter Ma Mingzhe has stepped down as CEO of Ping An Insurance (Group). Photo: Nora Tam
Peter Ma Mingzhe has stepped down as chief executive of Ping An Insurance (Group), as China’s largest insurer by market value embarks on a new management structure with three co-CEOs responsible for its operation.
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Ma, 65, who co-founded the insurance giant in Shenzhen three decades ago, will remain as chairman, while Jason Yao Bo, 49, chief financial officer of the group since 2008, will be promoted as the third co-CEO, Ping An said in a filing to the Hong Kong stock exchange on Wednesday.

Yao, along with co-CEOs Xie Yonglin and Jessica Tan Sin-yin, will jointly run Ping An. The group has evolved into a financial conglomerate with interests in banking, securities, online medical services, fintech and virtual banks.

Ping An said that after two years of transition since the establishment of the co-CEO system, the senior executives are gelling with each other well, laying a solid foundation for the group’s sustainable development.

Ping An is China’s largest insurer by market value. Photo: Reuters
Ping An is China’s largest insurer by market value. Photo: Reuters
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“Given the fact that a complete, healthy decision-making and operating system has been set up and the team of professionals has grown mature, the management model proved to be successful following years of experience,” the company said.

Ma’s resignation as the CEO is effective from Wednesday.

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