Billionaire Geely Auto head Li Shufu steps down as profit slips

Billionaire Geely Auto head Li Shufu steps down as profit slips China’s second-largest carmaker names new chairman and CEO as profit drops despite record revenue and export surge Chinese billionaire Li Shufu has relinquished his role as chairman of Geely Auto, describing the planned succession as the foundation for the future sustainable growth of the country’s second-largest carmaker. Li, the 63-year-old founder of the automotive group, announced his resignation just after Hong Kong-listed Geely reported record first-half revenue in China’s cutthroat car market on Monday. Andy An Conghui, 56, an executive director, would fill in the vacancy left by Li, effective on Tuesday, the company said in a filing with the Hong Kong stock exchange. “We now initiate the campaign to cultivate professional talent and build a professional team,” Li said in a statement. “The succession aims to foster a positive environment for the healthy growth of our own talent and the healthy development of the company culture.” In June, Li said during a forum at the Chongqing Auto Show that Geely would map out a succession plan to support its further growth, without elaborating. The filing said Li would retain his role as chairman of Zhejiang Geely Holding Group, parent of Geely Auto, which also owns Volvo Cars and a stake in Mercedes-Benz Group. Jerry Gan Jiayue, former head of Geely Auto’s car development and sales, would become the CEO of the carmaker, replacing Gui Shengyue, it said.