(Yicai Global) July 1 -- Ping An Insurance Group’s board has agreed to Chief Financial Officer Yao Bo serving as joint chief executive of the Chinese financial heavyweight after it accepted the resignation of founder Ma Mingzhe, who held the post for more than three decades.

Ma’s resignation as CEO is effective today, but he will continue to serve as chairman, the Shenzhen-based company said after the stock market closed today. Ma will head a newly formed core management team that comprises Ping An’s three co-CEOs, it added.

Yao, who is also Ping An’s chief actuary, joined in 2001 and became CFO in 2008. He meets the qualifications and qualities needed to be co-CEO because he has been overseeing strategy implementation, financial planning, funds and liquidity risks, the company said.

Its three CEOs each have a different role. Xie Yonglin oversees its financial business, including Ping An Bank. Chen Xinying is in charge of technology and innovation businesses, including fintech, medical technology, and smart cities. Yao will be responsible for strategic planning, while also continuing to work as CFO.

Born in 1955, Ma co-founded Ping An in 1988 as China’s first joint-stock insurer, and the company has grown into a financial group covering insurance, banking and investment services. It had CNY8.6 trillion (USD1.2 trillion) in assets as of the end of the first quarter, according to financial data.

Shares of Ping An Insurance [SHA:601318] ended 2.9 percent higher today at CNY73.50 (USD10.40) each.

Editor: Peter Thomas