Hong Kong-based FWD Group has named a new chairman to succeed the incumbent which has held the role since the insurer's founding.
Frederick Ma has been named FWD Group’s chairman of the word of directors, according to a statement, effective immediately.
He succeeds Ronald Arculli who has been FWD’s chairman since the insurer’s founding in 2013. Arculli will remain as a non-executive director until the firm’s planned IPO or December 30.
Ma joined FWD’s board in 2013 and he also serves as an independent non-executive director of Hong Kong-listed COSCO Shipping Holdings, Guangshen Railway Company and New York-listed HH&L Acquisition.
Backed by Richard Li – Hong Kong tycoon and son of Li Ka-shing – FWD Group was set to go public earlier this year after the local bourse’s listing committee reportedly approved its placation to raise about $1 billion. But in late May, FWD reversed its decision and decided to postpone its listing plans due to ongoing market volatility.
