Geely Auto Profit Slips 63-Year-Old Founder Steps Down

Geely Auto's profit has slipped, despite the company reporting record first-half revenue. The decline in profit has prompted the company's founder, 63-year-old Li Shufu, to step down as chairman.

Li Shufu will be replaced by Andy An Conghui, a 56-year-old executive director, who will take over as chairman of Geely Auto. Jerry Gan Jiayue, former head of Geely Auto's car development and sales, will become the CEO of the carmaker.

The leadership change is part of a planned succession aimed at supporting the company's future growth. Li Shufu had announced in June that Geely would map out a succession plan to support its further growth, without elaborating on the details.

Despite the decline in profit, Geely Auto's exports have surged, helping to cushion the impact of weak demand in China. The company's record revenue is a testament to its strong performance in the global market.

Li Shufu will retain his role as chairman of Zhejiang Geely Holding Group, the parent company of Geely Auto, which also owns Volvo Cars and a stake in Mercedes-Benz Group. The succession plan is seen as a positive step towards fostering a professional team and promoting healthy growth of the company culture.

## What happens next The new leadership team will face the challenge of navigating the competitive Chinese car market, while building on the company's success in exports. With record revenue and a surge in exports, Geely Auto is well-positioned for future growth, despite the current decline in profit.

The change in leadership is a significant development for Geely Auto, and it will be interesting to see how the company performs under the new management. With Li Shufu stepping down as chairman, the company is entering a new era, and the success of the succession plan will be closely watched by investors and industry analysts.