Fanhua Announces Changes to the Board of Directors and Management Team
Fanhua Inc. (Nasdaq: FANH) announced significant changes to its Board of Directors and management team, effective September 30, 2024. Ms. Hang Suong Nguyen has been appointed as the new Chairperson of the Board, bringing over 10 years of investment management experience. Three incumbent directors, including Mr. Yunxiang Tang, Mr. Allen Lueth, and Mr. Ben Lin, have resigned due to personal reasons. Mr. Lin has also stepped down as Chief Strategy Officer.
To fill the vacancies, the Board has appointed Ms. Jiaxing Shi as Independent Director and Chair of the Audit Committee, and Mr. Changfu Li as Independent Director and Chair of the Compensation Committee. These changes are part of Fanhua's strategic upgrade towards pursuing growth through artificial intelligence.
Fanhua Inc. (Nasdaq: FANH) ha annunciato cambiamenti significativi al suo Consiglio di Amministrazione e al team dirigenziale, con effetto dal 30 settembre 2024. La Sig.ra Hang Suong Nguyen è stata nominata nuova Presidente del Consiglio, portando con sé oltre 10 anni di esperienza nella gestione degli investimenti. Tre membri del consiglio uscente, tra cui il Sig. Yunxiang Tang, il Sig. Allen Lueth e il Sig. Ben Lin, si sono dimessi per motivi personali. Il Sig. Lin si è inoltre dimesso dalla carica di Chief Strategy Officer.
Per coprire le vacanze, il Consiglio ha nominato la Sig.ra Jiaxing Shi come Direttore Indipendente e Presidente del Comitato di Controllo, e il Sig. Changfu Li come Direttore Indipendente e Presidente del Comitato di Compensazione. Questi cambiamenti fanno parte del piano strategico di Fanhua per perseguire la crescita attraverso l'intelligenza artificiale.
Fanhua Inc. (Nasdaq: FANH) anunció cambios significativos en su Junta Directiva y equipo de administración, con efecto a partir del 30 de septiembre de 2024. La Sra. Hang Suong Nguyen ha sido nombrada nueva Presidenta de la Junta, aportando más de 10 años de experiencia en gestión de inversiones. Tres directores actuales, incluyendo a el Sr. Yunxiang Tang, el Sr. Allen Lueth y el Sr. Ben Lin, han renunciado por motivos personales. El Sr. Lin también ha renunciado como Chief Strategy Officer.
Para cubrir las vacantes, la Junta ha nombrado a la Sra. Jiaxing Shi como Directora Independiente y Presidenta del Comité de Auditoría, y a el Sr. Changfu Li como Director Independiente y Presidente del Comité de Compensación. Estos cambios son parte de la actualización estratégica de Fanhua hacia la búsqueda de crecimiento a través de la inteligencia artificial.
판화 Inc. (Nasdaq: FANH)는 2024년 9월 30일부터 이사회 및 경영진에 중요한 변화를 발표했습니다. 행 술응 응우옌이 새로운 이사회 의장으로 임명되었으며, 10년 이상의 투자 관리 경험을 가지고 있습니다. 윤샹 탕, 알렌 루에스, 벤 린을 포함한 세 명의 현직 이사가 개인적인 사유로 사임했습니다. 린 씨는 또한 전략 최고 책임자 직에서 물러났습니다.
공석을 채우기 위해 이사회는 자이싱 시를 독립 이사 및 감사 위원회 의장으로, 창푸 리를 독립 이사 및 보상 위원회 의장으로 임명했습니다. 이러한 변화는 판화가 인공지능을 통한 성장을 추구하는 전략적 업그레이드의 일환입니다.
Fanhua Inc. (Nasdaq: FANH) a annoncé des changements significatifs dans son Conseil d'Administration et son équipe de Direction, effectifs à partir du 30 septembre 2024. Madame Hang Suong Nguyen a été nommée nouvelle Présidente du Conseil, apportant plus de 10 ans d'expérience en gestion d'investissements. Trois directeurs en poste, y compris Monsieur Yunxiang Tang, Monsieur Allen Lueth et Monsieur Ben Lin, ont démissionné pour des raisons personnelles. Monsieur Lin a également quitté son poste de Directeur de la stratégie.
Pour combler les postes vacants, le Conseil a nommé Madame Jiaxing Shi en tant que Directrice Indépendante et Présidente du Comité d'Audit, et Monsieur Changfu Li en tant que Directeur Indépendant et Président du Comité de Rémunération. Ces changements font partie de l'upgrade stratégique de Fanhua visant à poursuivre la croissance par l'intelligence artificielle.
Fanhua Inc. (Nasdaq: FANH) hat bedeutende Änderungen in seinem Vorstand und Managementteam bekannt gegeben, die am 30. September 2024 in Kraft treten. Frau Hang Suong Nguyen wurde zur neuen Vorsitzenden des Vorstands ernannt und bringt über 10 Jahre Erfahrung im Investitionsmanagement mit. Drei amtierende Direktoren, darunter Herr Yunxiang Tang, Herr Allen Lueth und Herr Ben Lin, haben aus persönlichen Gründen zurückgetreten. Herr Lin ist auch als Chief Strategy Officer zurückgetreten.
Um die Stellen zu besetzen, hat der Vorstand Frau Jiaxing Shi als unabhängige Direktorin und Vorsitzende des Prüfungsausschusses sowie Herrn Changfu Li als unabhängigen Direktor und Vorsitzenden des Vergütungsausschusses ernannt. Diese Änderungen sind Teil von Fanhua's strategischer Aufwertung zur Verfolgung von Wachstum durch künstliche Intelligenz.
- Appointment of Ms. Hang Suong Nguyen as Chairperson, bringing over 10 years of investment management experience
- Strategic upgrade towards pursuing growth through artificial intelligence
- Appointment of new independent directors with diverse industry experience
- Resignation of three incumbent directors, including the Chief Strategy Officer
- Potential disruption in continuity due to significant board changes
GUANGZHOU, China, Oct. 01, 2024 (GLOBE NEWSWIRE) -- The board of directors (the “Board”) of Fanhua Inc. (Nasdaq: FANH) (the “Company” or “Fanhua”), a leading independent technology-driven financial services provider in China, today announces that Ms. Hang Suong Nguyen has been appointed as the new Chairperson of the Board, effective September 30, 2024..
Ms. Hang Suong Nguyen, Chairperson of the Board
Ms. Nguyen has over 10 years of investment management experience. Since October 2019, she has been serving as Deputy Director of International Investment Strategy at Voyager Labs Limited, a global leader in advanced AI-based survey solutions, enabling global organizations to gain in-depth investigative insights on entities, individuals, groups and topics. She also served as vice president of Doji group (formerly TTD Technology Development and Trading Company) from 2016 to 2019. Previously, Ms.Nguyen served as head of investment at VNG Corporation from 2013 to 2016. VNG Corporation is Vietnam's leading local digital AI ecosystem, providing diverse products and services through four key business units: gaming, communications and media, fintech and digital services. From 2010 to 2013, she served in management roles for the Empower Consulting Group. Ms. Nguyen obtained her bachelor’s degree in international business from Vietnam National University in 2008 and her MBA degree from Hanoi University of Science and Technology (“HUST”) in 2009.
The Board also announces that incumbent independent directors Mr. Yunxiang Tang and Mr. Allen Lueth, along with incumbent executive director Mr. Ben Lin, have tendered their resignations from the Board due to personal reasons, effective September 30, 2024. Additionally, Mr. Lin has resigned from the position of Chief Strategy Officer.
The Board has appointed Ms. Jiaxing Shi as Independent Director and the Chair of the Audit Committee and Mr. Changfu Li as Independent Director and the Chair of the Compensation Committee to fill the vacancies left by the departure of Mr. Tang and Mr. Lueth, effective September 30, 2024.
Ms. Jiaxing Shi, Independent Director and the Chair of Audit Committee
Ms. Jiaxing Shi has served as the Investment Operations Manager at YD Network Technology Co Ltd. since March 2024, overseeing the company’s investment strategy, and financial due diligence to optimize long-term returns. Prior to this role, she served as senior audit professionals at UHY LLP and Marcum LLP from 2022 to 2024. Prior to that, she served as senior manager position in financial reporting and investor relations role at Aurora Mobile Ltd. from 2018 to 2022. She received an MBA Degree in Financial Management from Goldey-Beacom College in 2018 and a Master Degree in Accounting from St. John’s University in 2015. She received Bachelor’s Degree in Inner Mongolia University of Finance and Economics in 2013.
Mr. Changfu Li, Independent Director and the Chair of Compensation Committee
Mr. Changfu Li has over a decade of experience in senior management, with a focus on strategic operations and cost management across various industries. Mr. Li has served as a consulting advisor at Beijing Shanying Legal Consulting Co., Ltd since November 2023. Prior to this, he served as a procurement supervisor at Shanghai Sanqing Industrial Development Co., Ltd. from June 2010 to March 2020, where he managed procurement operations and contributed to sales strategy planning. And later he was promoted to Vice President of Administration and Purchasing Manager at the company’s Guangzhou branch in March 2020. Before that, from 2006 to 2010, Mr. Li held the position of procurement associate at Zhejiang Shalangsi Craft Co., Ltd. Mr. Li earned his bachelor’s degree in International Economics and Trade from Yanbian University in 2006.
With the appointment and departure of these directors, the composition of the Board will be adjusted accordingly. Below is the updated list of board members:
Ms. Hang Suong Nguyen, Chairperson of Fanhua Inc.
Mr. Yinan Hu, Vice Chairperson and Chief Executive Officer of Fanhua Inc.
Mr. Peng Ge, Executive Director and Chief Financial Officer of Fanhua Inc.
Mr. Mengbo Yin, Independent Director and Chair of Nominating and Governance Committee of Fanhua Inc.
Ms. Jiaxing Shi, Independent Director and Chair of Audit Committee of Fanhua Inc.
Mr. Changfu Li, Independent Director and Chair of Compensation Committee of Fanhua Inc.
Mr. Yinan Hu, Vice Chairperson and Chief Executive Officer of Fanhua, commented: “We are thrilled to announce that Ms. Nguyen has been appointed as our new Chairperson, a decision that signifies a major milestone for the Company’s strategic upgrade towards pursuing growth by harnessing the power of artificial intelligence. At the same time, we deeply appreciate the significant contributions that Mr. Yunxiang Tang, Mr. Allen Lueth, and Mr. Ben Lin have made during their tenure. As we look ahead, our commitment to our strategic goals and growth remains unwavering. With Ms. Nguyen at the helm as Chairperson, we are poised to build upon our momentum and achieve even greater heights.”
Ms. Hang Suong Nguyen, Chairperson of Fanhua, stated: “It is my pleasure to join the Board and take on the role of Fanhua’s Chairperson. I understand the significant responsibility that comes with this position and I am confident in our Company’s future. And I look forward to working with all of Fanhua’s team members to meet challenges and achieve great success together.”
About Fanhua Inc.
Driven by its digital technologies and professional expertise in the insurance industry, Fanhua Inc. is the leading independent financial service provider in China, focusing on providing insurance-oriented family asset allocation services that covers customers’ full lifecycle and a one-stop service platform for individual sales agents and independent insurance intermediaries.
With strategic focus on long-term life insurance products, we offer a broad range of insurance products, claims adjusting services and various value-added services to meet customers’ diverse needs, through an extensive network of digitally empowered sales agents and professional claims adjusters. We also operate Baowang (www.baoxian.com), an online insurance platform that provides customers with a one-stop insurance shopping experience.
For more information about Fanhua Inc., please visit https://ir.fanhgroup.com
Forward-looking Statements
This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company’s future financial and operating results, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Fanhua and the industry. Potential risks and uncertainties include, but are not limited to, those relating to its ability to attract and retain productive agents, especially entrepreneurial agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the Chinese insurance industry, its ability to compete effectively against its competitors, quarterly variations in its operating results caused by factors beyond its control including macroeconomic conditions in China. Except as otherwise indicated, all information provided in this press release speaks as of the date hereof, and Fanhua undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Fanhua believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by Fanhua is included in Fanhua’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.
FAQ
Who is the new Chairperson of Fanhua Inc. (FANH)?
What changes were made to Fanhua's (FANH) Board of Directors on September 30, 2024?
Why did Fanhua (FANH) make changes to its Board of Directors?
What is Ms. Hang Suong Nguyen's background before joining Fanhua (FANH)?
