China Life Insurance Company Limited - Change of President
On August 2, 2022, China Life Insurance Company Limited (LFC) announced the resignation of President Su Hengxuan, effective August 1, 2022, with no disagreements reported. The Board appointed Zhao Peng as the new President and Executive Director, pending approval from the China Banking and Insurance Regulatory Commission. Zhao's prior experience includes roles at the Agricultural Development Bank of China and within China Life Insurance. His qualifications will be submitted to shareholders for approval during the upcoming general meeting.
- Zhao Peng's appointment as President could ensure continuity in leadership.
- Zhao's extensive background may provide strategic advantages to the company.
- Management transition could lead to temporary uncertainty for investors.
- Pending approval from CBIRC may delay Zhao Peng's official start as President.
BEIJING, Aug. 2, 2022 /PRNewswire/ -- China Life Insurance Company Limited (the "Company") (NYSE: LFC; SSE: 601628; HKSE: 2628) announced today that due to the adjustment of work arrangements, Mr. Su Hengxuan tendered his resignation as the President, an Executive Director and a member of the Strategy and Assets and Liabilities Management Committee of the Company on August 1, 2022, which took effect on the same day. Mr. Su Hengxuan has confirmed that he has no disagreement with the board of directors (the "Board") of the Company and there are no other matters relating to his resignation that need to be brought to the attention of the shareholders of the Company. The Company would like to express its gratitude to Mr. Su Hengxuan for his contribution to the Company during his tenure of service.
The Company further announced that at the fifteenth meeting of the seventh session of the Board of the Company held on August 2, 2022, Mr. Zhao Peng was appointed as the President of the Company and nominated as an Executive Director of the seventh session of the Board of the Company. The proposal in relation to the election of Mr. Zhao Peng as an Executive Director of the Company will be submitted to the shareholders' general meeting of the Company for consideration and approval, and his qualifications as the President and Executive Director of the Company are subject to the approval of the China Banking and Insurance Regulatory Commission (the "CBIRC"). The Board has appointed Mr. Zhao Peng as the person temporarily in charge of the Company before the approval on the qualification of Mr. Zhao Peng as the President of the Company is obtained. His term of office as the President and Executive Director of the Company will commence from the date of approval by the CBIRC, and his term of office as the Executive Director of the Company will end on the expiry of the term of the seventh session of the Board. He is eligible for re-election upon expiry of his term of office as the Executive Director.
The biographical details of Mr. Zhao Peng are set out below:
Mr. Zhao Peng, born in April 1972, is a member of the Party Committee of China Life Insurance (Group) Company ("CLIC") and the Secretary to the Party Committee of the Company. From 2020 to 2022, he served as the Vice President of the Agricultural Development Bank of China. From 2017 to 2020, he successively served as an Assistant to the President and a Vice President of the Company, the Chief Financial Officer of CLIC and an Executive Director of the Company. From 2019 to 2021, he also served as a Non-executive Director of Sino-Ocean Group Holding Limited and a Director of China Life Franklin Asset Management Company Limited. From 2009 to 2017, he successively served as the General Manager of the Finance and Accounting Department and the General Manager of the Finance Department of CLIC, the Deputy General Manager (at the general manager level of the provincial branches), the person in charge and the General Manager of Zhejiang Branch of the Company. Mr. Zhao Peng graduated from Hunan College of Finance and Economics, Central University of Finance and Economics and Tsinghua University, with master's degrees in economics and business administration.
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SOURCE China Life
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