(Yicai Global) March 17 -- Ren Huichuan, vice chairman and executive director of Ping An Insurance, has handed in his notice and will leave the company on May 31 due to personal health issues.

Shares in the firm [SHA:601318] closed down 3.63 percent at CNY72 (USD10.29) yesterday when Ping An revealed Ren's plans, sliding just further than the Shanghai benchmark, which slid 3.4 percent. The company did not disclose details about Ren's health concerns or reveal his replacement, but did suggest company veteran and insurance head Lu Min could fill his role as executive director.

The 50-year-old, known in English as Alex Ren, joined Ping An in 1992 and has helped a number of positions. He earned a net salary of CNY4.2 million (USD600,600) last year, considerably lower than some of the firm's other top executives. Chen Xinying, head of Ping An's tech business, earned CNY9.2 million during the same period, according to the firm's annual report for 2019.

Ping An has three other executive directors, Chairman Ma Mingzhe, Chief Financial Officer Yao Bo, and Chief Human Resources Officer Cai Fangfang. It made CNY149.4 billion (USD21.4 billion) last year on revenue of CNY1.2 trillion, up 39.1 percent and 19.7 percent. Net assets at the end of 2019 had risen 5.6 percent on the year to CNY8.2 trillion (USD1.2 trillion).

Editor: James Boynton