CDF launched a high-level management team reshuffle New management team makes grand debut

Apr 26, 2024
Press Release

China Development Financial Holding Corporation (hereinafter referred to as "CDF") launched a high-level management team reshuffle. Today (26th), the Board of Directors approved Alan Wang to succeed as the Chairman and Paul Yang to take over as President & CEO. At the same time, CDF has appointed the positions of Chairman and President for its subsidiaries: Alan Wang will also serve as Chairman of KGI Life Insurance, Yu-ling Kuo will serve as President of KGI Life Insurance, and Paul Yang will serve as Chairman of KGI Bank. The new management team officially take office and will lead CDF to a new milestone.

CDF stated that under the leadership of Chairman, Alan Wang and President & CEO, Paul Yang, the new management team will fully utilize group resources, maximize business synergies, promote the growth of KGI Bank's assets and distributions; build business and investment profitability growth momentum for KGI Life Insurance to respond to changes in the market environment; strengthen the development of KGI Securities' wealth management and overseas business; deepen cooperation between CDIB Capital Group and Taiwan's high-tech companies, and develop private equity products suitable for Taiwan's wealth management market; improve the overall financial performance of CDF and maintain a consistently stable dividend policy.

Alan Wang and Yu-ling Kuo have a wealth of experiences in the insurance industry. As the insurance industry is about to align with IFRS17 and ICS, KGI Life has also recruited Winston Yung and Andy Lin to serve as Senior Executive Vice Presidents. Winston Rung has served as a director of McKinsey & Company (Hong Kong) and as CEO of the Hong Kong region, where he has successfully helped KGI Life in developing business distributions and digital transformation with remarkable achievement. He has rich experiences in insurance industry; Andy Lin, who has served as the CFO of CDF and KGI Bank, is well-versed in financial management affairs and has comprehensive experience within the group. In the future, they will assist KGI Life in smoothly integrating and maximizing synergies at the areas of business distribution, organizational momentum and financial management.

Paul Yang, CDF President & CEO and KGI Bank Chairman, has extensive experience in financial management, investment and M&A. In the past, during his tenure at CDF, he successfully transformed China Development Industrial Bank into a regional asset management firm and expanded CDF's business roadmap in commercial banking and securities business through M&A. In the future, he will make good use of the advantages of the group and develop a balance approach in the three major pillars of personal banking, corporate banking and financial markets to steadily expand the scale of various businesses.

Steve Bertamini, the former President & CEO of CDF, vigorously promoted the company's transformation during his tenure, introduced many advanced foreign systems to enhance employee engagement and NPS, and his achievements are outstanding. He will continue to serve as a Board of director at CDF. In addition, CDIB appointed David Chou as Vice Chairman at the beginning of the year. David Chou has served as Managing Director, Asia Investment Director and Global Partner of Goldman Sachs, and has more than 25 years of experience in the international financial market, providing M&A advisory services for American industrial, high-tech and manufacturing transactions.

CDF stated that through the high-level management reshuffle, CDF's new management team will lead the group to open up a new pattern of innovation and become a leading financial institution in Asia.

CDF launched a high-level management team reshuffle. The Board of Directors approved Alan Wang (right) to succeed as the Chairman and Paul Yang (left) to take over as President & CEO.



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