Yongan Property Insurance Co. Ltd. President Jiang Ming was dismissed due to age reasons, according to a statement by Fosun Group, a shareholder of the insurer.
Jiang is a vice president of Fosun Group and will continue to be a director of Yongan Property, according to Fosun's Dec. 21 statement. Jiang, who was company president since August 2012, is just over 60 years old, according to Yongan Property's financial reports.
Yongan Property said it dismissed Jiang on Dec. 6 and appointed Vice President Liu Xiong to take charge of daily operations.
The dismissal of the insurer's president was coupled with a series of other personnel changes.
Several days after Jiang's dismissal, some Yongan Property directors attempted to remove Chairman Tao Guangqiang from his position but failed, China's Securities Times reported Dec. 21.
Tao is the legal representative of Yongan Property and was previously a deputy general manager at Shaanxi Yanchang Petroleum (Group) Co. Ltd., the largest shareholder of Yongan Property on paper.
Yongan Property notified the China Insurance Regulatory Commission on Dec. 19 that it appointed Tao as to take charge of outbound, real estate, direct stock and nonguaranteed bond investments.