China-based insurance intermediary Fanhua has appointed CEO Wang Chunlin as chairman of the board, effective immediately. Wang replaces Hu Yinan, who resigned due to personal reasons.
Hu is one of the firm’s co-founders and had served as chairman of the board since 1998. He was also company CEO from 1998 to 2011. Despite his resignation as chairman, he will still remain with the company in a directorial capacity.
Meanwhile, Wang joined Fanhua in 1998 and has been CEO since October 2011 and an executive director since 2016.
“I am glad that Fanhua has established an effective business model over its 20 years of development and that Fanhua has now embarked on a journey of sustainable profitability,” Hu said regarding the move.
“I am convinced that Mr. Wang is fully capable of leading the company through a new stage of development as the chairman of the board and CEO of the company.”
“On behalf of the board, I’d like to thank Mr. Hu for his tremendous contributions to Fanhua,” Wang added. “Mr. Hu’s great vision and insights have guided Fanhua to pinpoint market opportunities amid industry transformations, which culminated in its rise to leadership in the insurance intermediary industry.”
Fanhua, formerly known as CNinsure, operates as an insurance agency, brokerage, and claims adjusting firm distributing both life and non-life insurance in mainland China.
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