CNinsure Inc. an independent insurance intermediary company operating in China, announced that the board of directors of the Company has appointed Yunxiang Tang as an independent director of the Board and Yongwei Ma has resigned from the Board following the expiration of his tenure. The appointment and resignation became effective on May 17, 2012.
Tang, aged 66, is a senior economist and has over 40 years of experience in business operation and management and in-depth knowledge of the PRC financial and insurance industries. He served as general manager of the People’s Insurance Company (Group) of China Limited (“PICC”) and chairman of the Board of Directors of PICC Property and Casualty Company Limited, PICC Asset Management Company Limited, PICC Life Insurance Company Limited and PICC Health Insurance Company Limited from 2000 to 2007.
He was the president of Insurance Association of China from 2001 to 2003 and vice chairman of the China Insurance Regulatory Commission from 1998 to 2000. Prior to that, he served in different senior leadership roles in the financial regulatory authorities, including assistant governor of the People’s Bank of China (the “PBC”), head of the PBC Guangdong Branch and chief of State Administration of Foreign Exchange, Guangdong Branch.
Yinan Hu, chairman of the Board, noted that “Ma has a strong work ethic and great business expertise. He has brought a unique perspective to critical issues and opportunities that the Company faced. The Board highly appreciates his contributions over the past four years and wishes him well in all his future endeavors.”
He also welcomed Tang to the Board, pointing out his “financial expertise and extensive understanding of China’s financial services industry from his decades of experience working with leading insurance companies, financial regulatory authorities and banks,” which, Hu indicated “make him a valuable asset to the Company as we carry out the strategic transition to build CNinsure into a premier financial services group.”
Source: CNinsure Inc.