Alongside its third-quarter earnings report, on Thursday night Ping An Insurance Group nominated several young executives for the board.
The company recommended Xie Yonglin and Jessica Tan to succeed veterans Sun Jianyi and Cai Fangfang as executive directors. Sun was elected as chairman of Ping An's board of supervisors. The group also named Ren Huichuan as vice-chairman and Xie Yonglin as president.
It is a move by Ping An to lower the average age of the management team and to speed up decision making.
The changes will not alter Ping An’s focus on fintech, a Ping An spokesperson told FinanceAsia. “Chairman and chief executive Ma Mingzhe is still our strategy leader as the company continues the focus on technology,” she added.
The Chinese insurance giant wants to increase efficiency and clarify responsibilities after Xie Yonglin, Lee Yuan Xiong and Jessica Tan were appointed as co-CEOs in December last year.
Efficiency is now crucial for China's financial institutions. The country has accelerated the rate at which it is opening up the financial sector to force domestic financial institutions to adjust to the new competitive environment.
China removed some obstacles that prevented foreign banks and insurers from entering the market earlier this month. It also intends to bring in stronger foreign participation and to simulate the insurance market.
For Ping An, fintech has become a key solution. On Thursday, Ping An also announced the decision to set up a nationwide technology-powered consumer finance joint venture. Tech-related businesses have become increasingly important for the company, as it increased sales by 33% to reach Rmb60 billion ($8.5 billion) between January and September this year.
The trade talks between China and the US have accelerated the financial reformation in China and traditional financial institutions are searching for a way out. With these changes, Ping An Group is installing a younger and more dynamic management team to take the company into the future.