Reported about 1 year ago
In Taiwan, New Life Insurance, a subsidiary of Shin Kong Financial Holding, launched a succession plan in May, selecting a group of 47 young candidates to join the decision-making circle as 'interns', all under the age of 50. The aim is to rejuvenate the upper management, with the chosen successors undergoing training, participating in important projects and decision-making processes, with expectations to see results within a year. Key to note is the selection of the reformist Vice Chairman of New Life, Hong Shiqi, as a successor by Chairman Wei Baosheng. With the change in leadership last year, efforts to address internal operational issues have been ongoing, along with the early initiation of the succession plan focusing on talent development and performance enhancement within departments like investments and actuarial. Successors include 15 associate-level executives, with an average age of 50, and 32 departmental managers below the associate level, with an average age of 47. The plan involves training by international consulting firms, performance evaluations over the past three years, recommendation by unit supervisors, personality assessments, and internal competition, indicating a shift in the traditional promotion method by directly bringing successors to the forefront for a more transparent approach to leadership succession.
Source: YAHOO