Geely founder Eric Li to step down as chair of flagship auto unit

Shanghai, China - Eric Li, the founder of Chinese auto conglomerate Geely Holding, will relinquish his position as chair of the company's leading unit, Geely Auto. The move comes as part of a significant management overhaul aimed at long-term succession planning. Li, who established Geely four decades ago, will retain his role as chair of Geely Holding Group, a Hong Kong-listed entity.

The decision allows him to focus on other business ventures, according to the company's stock market filing. Effective from Tuesday, August 18th, executive director Gan Jiayue will assume the CEO role at Geely Auto, replacing Gui Shengyue, who will become vice-chair. The board expressed confidence in Gan's extensive management experience and industry expertise, stating that his leadership will be instrumental in driving the Group's operations forward and supporting the execution of its long-term strategic goals.

The reshuffle unfolds as Geely Holding, a formidable competitor to Chinese electric vehicle pioneer BYD and the parent company of Volvo Cars, Polestar, Geely Auto, Zeekr, and Lynk & Co, navigates intense competition in the world's largest automotive market while simultaneously intensifying its overseas expansion. In a separate statement, An, Geely Auto's executive director, announced on Monday that the company's long-term strategy involves generating two-thirds of its sales from overseas markets.