Chinese automaker Geely Auto announced a leadership transition on Monday, with founder Li Shufu stepping down from his executive role after two decades at the company's helm.
The company appointed Yu Jie as its new CEO, effective immediately, while Li Shufu will remain as a non-executive director and retain a significant stake in the business. Geely Auto also announced the appointment of three new independent non-executive directors to its board, including former China Securities Regulatory Commission official Fang Xinghai.
The leadership changes come amid a broader restructuring effort at Geely Auto, which has been expanding its global footprint through acquisitions and partnerships. The company, which operates under the Geely Holding Group umbrella, has been investing heavily in electric vehicle technology and autonomous driving systems in recent years.
Geely Auto did not provide specific reasons for Li Shufu's decision to step down from his executive role, though the company emphasized continuity in its strategic direction. The founder will continue to play a role in the company's long-term vision as a major shareholder.
Shares of Geely Auto, listed on the Hong Kong Stock Exchange, were down 1.2% in early trading on Monday, reflecting investor caution amid the leadership transition.
