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Li Shufu steps down as chairman of Geely Auto

Andy An Conghui will take over as chairman effective Tuesday, while Li remains chairman of Zhejiang Geely Holding Group.

Reported · Written up by our desk · China

Chinese billionaire Li Shufu has stepped down as chairman of Geely Auto, setting out a planned leadership succession tied to building professional talent and supporting the carmaker’s long term growth, according to a filing with the Hong Kong stock exchange reported by SCMP Economy.

Li, who is 63, made the announcement just after Geely reported record first half revenue in China’s highly competitive car market on Monday. The company said Andy An Conghui, an executive director aged 56, will fill Li’s vacancy effective Tuesday.

The filing also said Li will retain his role as chairman of Zhejiang Geely Holding Group, the parent of Geely Auto, which owns Volvo Cars and has a stake in Mercedes-Benz Group.

In addition, Jerry Gan Jiayue, formerly head of Geely Auto’s car development and sales, would become CEO, replacing Gui Shengyue, the filing said.

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