New China Life Insurance Co. Ltd. said late Wednesday that Chairman and Chief Executive Offer Wan Feng reigned from the company effective immediately.

Citing personal reasons, Wan also stepped down from all other posts in the company, including legal representative, executive director, chief risk officer and chairman of New China Life’s asset management unit, the company said.

Wang, 60, was named chairman in March 2016. The resignation came about two months before his tenure expires. New China Life said its business operations won’t be affected by the changes and applauded Wang’s contribution.

Li Zongjian, vice president of the company, will take over Wang’s duties until a new chairman is appointed, the company said.