Key facts
- Li Shufu has stepped down as chairman and executive director of Geely Automobile Holdings Ltd.
- An Conghui will succeed Li Shufu as chairman of Geely Auto.
- Li Shufu will remain controlling shareholder and chairman of parent Geely Holding Group.
- Geely Auto reported a 47% decrease in net profit to 1.1 billion yuan for 2023.
- Geely Auto reported a 10% decrease in revenue to 20.3 billion yuan for 2023.
Billionaire founder Li Shufu has stepped down as chairman and executive director of Geely Automobile Holdings Ltd., the company announced Monday. The move comes as the Chinese automaker seeks to professionalize management and reduce its reliance on the founding family. An Conghui, CEO of parent Zhejiang Geely Holding Group Co. Ltd., will assume the chairmanship of Hong Kong-listed Geely Auto, while Li will continue as controlling shareholder and chairman of Geely Holding.
Geely Auto reported a net profit of 1.1 billion yuan ($153 million) for 2023, a 47% decrease from the previous year. Revenue declined 10% to 20.3 billion yuan, attributed to increased competition and a challenging market environment.