By Martin Mou

Ping An Insurance (Group) Co. of China Ltd. said Wednesday that its board has approved Chairman Ma Mingzhe's resignation as chief executive.

Mr. Ma, who founded Ping An Insurance in 1988, has built the company into a major financial conglomerate in China with interests in insurance, banking and technology.

Meanwhile, Ping An has appointed Yao Bo as a co-CEO. Mr. Yao, the company's chief financial officer since 2008, will mainly oversee strategic planning, the company said.

Mr. Yao will join Sin Yin Tan and Xie Yong Lin as Ping An's co-CEOs, forming the company's core leadership team under Mr. Ma, it said. 



  Write to Martin Mou at martin.mou@wsj.com