China Development Financial : Chairman Huang Su Kuo of China Development Financial Holding Corporation (CDF) Retires, Vice Chairman Paul Yang to Serve as Acting Chairman

Huang Su Kuo, a prominent figure in the financial industry in Taiwan, has announced his retirement from his positions as Chairman of China Development Financial Holding Corporation (CDF) and Chairman of its subsidiary, KGI Life Insurance. The announcement was made on April 7, 2023, and his resignation is set to take effect on April 9, 2023. Huang Su Kuo reached the mandatory retirement age of 75 for executives in Taiwan's financial sector.

CDF is a leading financial holding company based in Taiwan, with a diverse range of businesses including banking, securities, insurance, and asset management. KGI Life Insurance is a subsidiary of CDF and is one of the largest life insurance companies in Taiwan.

With Huang Su Kuo's departure, Vice Chairman Paul Yang will assume the role of acting chairman for both CDF and KGI Life Insurance. Yang brings extensive experience to the role, having served as vice chairman since 2018 and previously holding positions in the banking and securities sectors.

The transition in leadership comes at a time when the financial industry in Taiwan is facing challenges from both domestic and international competition. The retirement of Huang Su Kuo and the appointment of Yang as acting chairman marks a significant change in the leadership of one of the country's largest financial institutions.

CDF and KGI Life Insurance have not yet announced any plans for a permanent replacement for Huang Su Kuo or a timeline for the search process. The companies will continue to operate under Yang's leadership in the interim.

The retirement of Huang Su Kuo and the appointment of Yang as acting chairman are significant developments in the financial sector in Taiwan and will be closely watched by investors and industry observers. The new leadership team will face the challenge of navigating the evolving regulatory landscape and competing in a rapidly changing market.

In summary, Huang Su Kuo, the Chairman of China Development Financial Holding Corporation and its subsidiary KGI Life Insurance, has retired due to reaching the mandatory retirement age of 75. Vice Chairman Paul Yang will assume the role of acting chairman for both companies effective April 9, 2023. The transition in leadership comes at a time when the financial industry in Taiwan is facing challenges and will be closely watched by investors and industry observers.