The company confirmed that Feng’s departure, which includes his roles on the audit, compensation, and nominating committees, is not the result of any internal disputes or disagreements. Chang steps into these committee roles bringing a decade of experience from China Development Bank Capital, where she managed core risk and investment functions. Her professional history also includes a tenure at United Credit Ratings and early-career audit work at PricewaterhouseCoopers.

Peng Shen, Waterdrop’s founder and CEO, cited Chang’s 15-year track record in financial management and audit oversight as a strategic asset for the company’s governance. Chang holds an MBA from the Chinese University of Hong Kong and engineering degrees from Tsinghua University, further bolstering the board’s technical and financial expertise as the platform continues its expansion in the insurance and healthcare sectors.