Ideanomics Inc. (Nasdaq: IDEX) has today announced its independent Director Mr. Chao Yang has been appointed to the company’s audit committee and the compensation committee.
Mr. Yang was appointed President of China Life Insurance Group in 2005, going on to become both Chairman of The Board of China Life Insurance Company Limited and China Life Property & Casualty Insurance Company Limited, respectively. During his tenure, he grew revenue to 190B RMB ($28B USD) by 2005, market cap from 100B to 700B HKD($13B USD – $89B USD), making it the largest life insurance company in the world by market cap, and grew assets under management to 2 Trillion RMB ($293B USD).
“Mr. Yang has been an outstanding member of our Board of Directors. The experience, business acumen, and knowledge of global financial reporting practices that Mr. Yang brings to Ideanomics continues to provide tremendous value for our shareholders,” said Dr. Bruno Wu, Chairman of Ideanomics. “With our expansion and sales in the NECV ecosystem, Mr. Yang will bring great financial reporting process and oversight to our team.”
Mr. Yang was appointed as an Independent Non-Executive Director of the Company on August 7, 2018. Mr. Yang was the chairman of China Life Insurance Company Limited (listed on the Hong Kong Stock Exchange with stock code: 02628) from July 2005 to June 2011, the president and secretary of China Life Insurance (Group) Company from May 2005 to May 2011 and an independent non-executive director of SRE Group Limited (listed on the Hong Kong Stock Exchange with stock code: 01207) from November 2013 to December 2015. Mr. Yang graduated from Shanghai International Studies University and Middlesex University in the United Kingdom, majoring in English and Business Administration respectively, and received a Master’s degree in Business Administration.
Mr. Yang will continue to serve as an independent and non-executive Director until the next annual general shareholder meeting.
The company would like to recognize the exceptional service to its outgoing directors, Mr. Jin Shi and Mr. Richard Frankel. There is no known or material reason, and/or disagreement on any matter related to the Company’s operations, policies, or practices. Mr. Frankel will continue his efforts with the company, on the Board of Directors of its subsidiary Intelligenta.
Intelligenta has begun marketing its services to U.S.-based financial institutions and banking associations, to deliver improved commercial intelligence, decision-making, risk management, client retention and growth, and other efficiencies that demonstrate significant ROI within the financial sector.