China Pacific fires CIO; chairman leads pay reduction

Apr 20, 2009

One more CIO in China takes the flak for poor investment losses. The management of China Pacific Insurance will assume control of the company's investment strategies from now on.

Philip Young, a Taiwan-native CIO at China Pacific Insurance, has been removed from his role following a unanimous vote by the company's board, the latest board meeting records reveal. With Young's departure, the company will scrap the CIO role entirely. There will be no replacement for the position.

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