China Development Financial Holding Corporation (hereinafter referred to as "CDF") announced today that Chairman Chia Chu Chang has resigned from the position of Chairman and Director of CDF due to personal reasons, and his resignation has been submitted to Board of Directors today. CDF held an interim board meeting today, in which Mr. Su Kuo Huang has been elected as the new Chairman of CDF. With the appointment, the Vice Chairman Mr. Paul Yang will be relieved from the role of Acting Chairman on the same day.
Mr. Su Kuo Huang possesses over 40 years of profound experience in financial industry. He has led the implementation of wealth management services in Taiwan's banking industry, introduced a variety of innovative trust products, and established customized trust financial services. Being known as the "Godfather of Trust" in Taiwan, Mr. Huang has made outstanding contributions to Taiwan's wealth management, securities and insurance development and has earned many international awards and recognitions.
CDF indicated that, Mr. Chia Chu Chang had been serving as Chairman of CDF since May 2016. During his tenure, he supported the company to accomplish many milestones including the completion of acquisition of KGI Bank, and transformed China Development Industrial Bank into CDIB Capital Group, drove the public acquisition of China Life, and eventually equipped CDF Group with four growth engines: insurance, banking, securities, and venture capital/private equity, which laid a solid foundation for the sustainable development of the Group.
CDF said that the company carries great gratitude to Chairman Chang for his remarkable contributions to CDF in the past years. Going forward, the company will rely on Chairman Huang’s extensive financial expertise to lead the company to create a sustainable future towards a leading financial company in Asia.