Zhang Zixin, general manager of Chinese Ping'an Insurance, the country's second largest insurer, has tendered his resignation for "personal reason" and his term of office will end on March 18 of 2011, the insurer said late Friday in a statement.
In a filing to the Hong Kong stock exchange, the insurer said Zhang Zixin, also known as Cheung Chi Yan Louis, will continue his directorship with Ping'an Insurance.
Ping'an said Zhang has no disagreement with the board and executive committee, and there is no other matter that should be brought to attention to the other directors, supervisors or shareholder in relation to this resignation.
The insurer, based in south China's booming city Shenzhen, said Ren Huichuan, currently deputy general manager of Ping'an, will succeed Zhang as general manager.
Ping'an, in the statement, also said it will appoint Yuan Siong Lee and So Lan Ip as deputy general managers. The appointment of Ren, Lee and So shall take effect upon obtaining the approval of the China Insurance Regulatory Commission, it added.
Zhang became general manager of Ping'an in 2003.
