Aug 29, 2024 09:13 PM
FINANCE
China Life Expects New Chairman After Surprise Departure of Incumbent
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Cai Xiliang (left), Bai Tao
China Life Insurance (Group) Co. is among the latest state-owned financial institutions to undergo a leadership reshuffle, following changes at Bank of China Ltd. and The People’s Insurance Co. (Group) of China Ltd. (PICC).
China Life President Cai Xiliang has been appointed to replace Bai Tao as chief of the group’s Communist Party committee, according to a company statement Wednesday. This paves the way for Cai to replace Bai as chairman.
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- Cai Xiliang has been appointed chief of China Life Insurance's Communist Party committee, succeeding Bai Tao, with an expected further elevation to chairman.
- The move is surprising as China Life traditionally selects its top leaders from outside the organization.
- Bai Tao, with a diverse financial background, assumed the chairman role in 2022 after Wang Bin, who received a suspended death sentence for corruption.
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Who’s Who
- China Life Insurance (Group) Co.
- China Life Insurance (Group) Co. is a state-owned financial institution involved in a recent leadership reshuffle. Cai Xiliang has been appointed to replace Bai Tao as the group's Communist Party committee chief, positioning him to become chairman. This marks a rare internal promotion for the company. Bai, with extensive experience in banking, insurance, and investment, was removed suddenly with no official reason given.
- Bank of China Ltd.
- The article mentions that Bank of China Ltd. has recently undergone a leadership reshuffle, similar to other state-owned financial institutions like China Life Insurance and PICC. However, it does not provide specific details about the changes at Bank of China Ltd.
- The People’s Insurance Co. (Group) of China Ltd.
- The People’s Insurance Co. (Group) of China Ltd. (PICC) recently announced the removal of Wang Tingke as head of the company’s Communist Party committee. His removal surprised many employees because he had held the position for only around a year and a half and had not reached retirement age.
- Citic Group Corp.
- Citic Group Corp. is a state-owned financial conglomerate. Cai Xiliang, the newly appointed chief of China Life Insurance's Communist Party committee, is a former veteran of Citic Group. He joined the group in 2001, held senior positions, and became a vice president in 2016. Employees describe him as skilled, low-key, and grounded.
- China Export and Credit Insurance Corp.
- China Export and Credit Insurance Corp., where Cai Xiliang served as president in 2020, is a state-owned enterprise providing export credit insurance in China. Cai spent two years there before moving to China Life Insurance as president. The company plays a significant role in supporting China's exporters by mitigating the risks associated with international trade.
- China Investment Corp.
- China Investment Corp. is one of the world’s largest sovereign wealth funds. Bai Tao joined it in 2016 as an executive vice president and was also president of its subsidiary, Central Huijin Investment Ltd. Bai was noted for being “prudent and innovative,” spearheading several institutional reforms during his tenure.
- Central Huijin Investment Ltd.
- Central Huijin Investment Ltd. is a subsidiary of China Investment Corp., one of the world's largest sovereign wealth funds. Bai Tao served as president of Central Huijin and was described as "prudent and innovative," having led several institutional reforms during his tenure. He joined in 2016 as an executive vice president of China Investment Corp.
- Industrial and Commercial Bank of China Ltd.
- Industrial and Commercial Bank of China Ltd. (ICBC) is the world’s largest commercial bank by assets. Bai Tao, the former chairman of China Life Insurance, spent 30 years at ICBC.
- State Development and Investment Group Co. Ltd.
- State Development and Investment Group Co. Ltd. is a major state-owned investment holding company in China. Bai Tao became its chairman in 2020. The company engages in investment activities across various sectors and was previously led by Bai before his appointment as chairman of China Life in 2022.
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What Happened When
- 2016：
- Cai Xiliang became a vice president of Citic Group.
- 2016：
- Bai Tao joined China Investment Corp. as an executive vice president.
- 2018：
- Bai Tao was appointed president of PICC.
- 2020：
- Cai Xiliang was appointed president of China Export and Credit Insurance Corp.
- 2020：
- Bai Tao became chairman of State Development and Investment Group Co. Ltd.
- 2022：
- Cai Xiliang moved to China Life and became president.
- 2022：
- Bai Tao was appointed chairman of China Life, replacing Wang Bin.
- By 2023：
- Wang Bin was given a suspended death sentence for bribery and concealing overseas deposits.
- 2024-08-17：
- PICC announced that Wang Tingke had been removed as head of the company's party committee.
- 2024-08-28：
- China Life announced that Cai Xiliang has been appointed to replace Bai Tao as chief of the group’s Communist Party committee.
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