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The Wall Street Journal: CEO of China’s Anbang Insurance steps aside

Anbang Insurance Group Co. said its chief executive and chairman, Wu Xiaohui, has handed over his duties for personal reasons, hours after a media report said Wu could be in trouble with the Chinese government.

Wu can’t perform his duties and has turned them over to the relevant executives, the company said in a one-sentence statement dated Tuesday, without specifying a time frame or other details.

The statement said the company was operating as normal. It isn’t clear if the move is a temporary or permanent one.

Anbang hasn’t addressed the torrent of speculation fueled by a story by an influential Chinese financial magazine that said Wu had been taken away in recent days by Chinese authorities.

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