Lufax Holding Ltd announced that Yong Suk Cho will step down as CEO on March 31, 2026, and that Co‑CEO Xiang Ji will become CEO effective April 1, 2026. The transition will be overseen by Cho, who will support Ji in ensuring a smooth handover. The board noted that Cho’s departure is due to family and personal considerations.
The leadership change comes amid a period of financial strain for the company. For the full year ended December 31, 2024, Lufax reported a net loss of CNY 3,870.62 million, a sharp reversal from a net income of CNY 809.62 million in 2023. Revenue fell to CNY 8,161.02 million from CNY 15,318.74 million the previous year, reflecting a decline in loan and investment income and a slowdown in consumer lending.
Xiang Ji brings a deep background in retail credit, risk management and investment management, having served as Co‑CEO and overseen the company’s risk and capital allocation functions. His promotion is intended to preserve continuity while positioning the firm to address its liquidity challenges and to strengthen risk oversight as it navigates regulatory scrutiny and a delayed 20‑F filing that was recently resolved.
The board also completed a reshuffle of its non‑executive directors, with Yonglin Xie and Xin Fu stepping down and new directors Fangfang Cai and Peifeng Li, both from Ping An Group, joining the board. The appointments reinforce the strategic partnership with Ping An and signal confidence in the company’s long‑term governance structure.
Investors have viewed the orderly transition positively, citing the internal promotion and the company’s recent compliance with U.S. reporting requirements as stabilizing factors. The change is expected to provide a clearer path for Lufax to rebuild profitability and restore investor confidence as it works to reverse its recent losses.
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