Lufax Announces Changes of Directors and Senior Management
Rhea-AI Summary
Lufax (NYSE: LU) announced board and senior management changes effective Feb 17–Apr 1, 2026. Yong Suk Cho will step down as CEO and executive director on March 31, 2026; Xiang Ji will become CEO and executive director effective April 1, 2026.
Two non-executive directors resign effective Feb 17, 2026, and two new non-executive directors from Ping An join effective Feb 18, 2026. The company said departing directors reported no disagreement with the board and will assist transition efforts.
Positive
- CEO succession to Xiang Ji effective April 1, 2026
- Board reinforcement with two Ping An executives effective February 18, 2026
- Departing CEO to support a structured transition
Negative
- Yong Suk Cho to resign as CEO and executive director effective March 31, 2026
- Two non-executive directors resigned effective February 17, 2026
Key Figures
Market Reality Check
Peers on Argus
LU was at $2.69 with a -2.54% move while key Credit Services peers were mixed: BFH -2.53%, WU -1.74%, QFIN -0.32% versus ENVA +0.16% and SEZL +2.76%, suggesting stock-specific dynamics rather than a uniform sector trend.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 29 | EGM results | Neutral | -2.6% | Shareholders approved multiple 2026 framework and collaboration agreements. |
| Oct 31 | Senior hires | Positive | +11.4% | Appointment of Xiang Ji as Co-CEO and Tao Wu as senior marketing executive. |
| Oct 31 | EGM announcement | Neutral | +11.4% | Company called an EGM to renew key framework agreements with Ping An Group. |
| Oct 30 | NYSE filing extension | Negative | -0.7% | NYSE granted extension to file 2024 Form 20-F with risk of suspension and delisting. |
| Oct 24 | Risk officer change | Neutral | +2.8% | Resignation of Chief Risk Officer and appointment of a new CRO on same date. |
Recent news shows multiple management and governance changes; market reactions have generally moved in the same direction as the perceived tone of each announcement, with no clear pattern of systematic divergence.
Over the past few months, Lufax has issued several governance and regulatory updates. On Oct 24, 2025, it changed its Chief Risk Officer, and on Oct 31, 2025 it appointed Xiang Ji as Co-CEO, which coincided with a +11.43% move. The company also faced a NYSE filing delay extension on Oct 30, 2025, carrying potential suspension and delisting risk, and held an EGM on Dec 29, 2025 to renew framework agreements. Today’s CEO transition and board reshuffle continue this pattern of leadership and governance adjustments.
Market Pulse Summary
This announcement outlines a structured CEO succession and multiple board changes, bringing in senior leaders with deep Ping An Group and financial management backgrounds. It follows prior management shifts and regulatory updates, including NYSE filing extensions and resumption progress reports. Investors may watch how the new CEO and directors address internal control reviews, ongoing Hong Kong trading suspension, and execution on the company’s small-business financial services strategy over the coming quarters.
AI-generated analysis. Not financial advice.
Mr. Yong Suk Cho ("Mr. Cho") will step down as Chief Executive Officer and resign from his position as executive Director of the Board upon the expiration of his contract on March 31, 2026, due to family and personal considerations. The Board has appointed Mr. Xiang Ji ("Mr. Ji"), currently the Co-Chief Executive Officer of the Company, as Chief Executive Officer and as an executive Director of the Board, effective April 1, 2026. Mr. Cho will support Mr. Ji in ensuring a smooth transition and handover.
Mr. Yonglin Xie ("Mr. Xie") and Ms. Xin Fu ("Ms. Fu") will resign from their positions as non-executive Directors of the Board effective February 17, 2026. The Board has appointed Ms. Fangfang Cai ("Ms. Cai") and Mr. Peifeng Li ("Mr. Li") as new non-executive Directors, effective February 18, 2026.
Mr. Cho, Mr. Xie and Ms. Fu have each confirmed they have no disagreement with the Board and there is no matter that needs to be brought to the attention of the Shareholders. The Company extends its sincere appreciation to Mr. Cho, Mr. Xie and Mr. Fu for their significant contributions during their respective tenures. The Board would like to express its warmest welcome to Ms. Cai, Mr. Li and Mr. Ji on their respective appointment.
Ms. Fangfang Cai, aged 52, is an executive director of Ping An Group since July 2014. She joined the Ping An Group since 2007 and currently acts as non-executive director of a number of controlled subsidiaries within Ping An Group, including Ping An Life Insurance Company of
Mr. Peifeng Li, aged 52, has been the general manager of the finance department of Ping An Group since February 2023. Prior to that, Mr. Li has held various senior management positions in the Ping An Group, including the general manager of the treasury department of Ping An Group from November 2021 to February 2023, the general manager of finance department of Ping An Real Estate Co., Ltd. from April 2015 to October 2021, the general manager of finance department of Ping An Trust Co., Ltd. from May 2009 to April 2015 and the assistant to the general manager of finance department and vice general manager of finance department of Ping An Group from June 2006 to April 2009. Mr. Li obtained a master's degree in economics from Southwestern University of Finance and Economics in June 1998. Mr. Li has been a PRC certified accountant since August 1998.
Mr. Ji, aged 43, possesses close to 20 years of cross-industry work experience in retail credit, risk management and investment management. Mr. Ji has held senior management positions in several subsidiaries of the Group, including the chairman and legal representative of Ping An Rongyi (
About Lufax
Lufax is a leading financial services enabler for small business owners in China. Lufax offers financing products designed to address the needs of small business owners and others. In doing so, Lufax has established relationships with 85 financial institutions in China as funding partners, many of which have worked with Lufax for over three years.
Investor Relations Contact
Lufax Holding Ltd
Email: Investor_Relations@lu.com
ICR, LLC
Robin Yang
Tel: +1 (646) 308-0546
Email: lufax.ir@icrinc.com
View original content:https://www.prnewswire.com/news-releases/lufax-announces-changes-of-directors-and-senior-management-302689455.html
SOURCE Lufax Holding Ltd
FAQ
Who will be the new CEO of Lufax (LU) and when does the change take effect?
When will Yong Suk Cho step down as Lufax (LU) CEO and what reason was given?
Which board changes at Lufax (LU) are effective February 18, 2026?
Did the departing directors at Lufax (LU) report any disagreements with the board?
What are the backgrounds of the new Lufax (LU) non-executive directors from Ping An?
