(Yicai) Aug. 18 -- The founder of Geely Automobile Holdings will stand down as chairman and executive director of the Chinese car manufacturer effective today after more than 20 years at the helm, closing a chapter of family-led management, the firm said yesterday.

Upon stepping down as chairman, Li Shufu will become lifetime honorary chairman of the Hong Kong-listed firm and remain its actual controller. He will continue to serve as chairman of parent company Zhejiang Geely Holding Group.

Li will be succeeded as chairman by An Conghui, chief executive officer of Geely Holding, who has previously served as CEO of Geely Auto and CEO of Geely’s unit Zeekr Intelligent Technology, Hangzhou-based Geely Auto said.

At the earnings call for Geely Auto’s interim results yesterday, Li said An was an outstanding talent cultivated within the Geely Holding system and a key figure in the firm’s automotive business. “To make better use of professional talent and build a stronger professional management team, we have decided to nominate An as chairman of Geely Auto,” Li said.

In another major shakeup, Gui Shengyue will resign as CEO of Geely Auto and become vice-chairman while remaining an executive director, the firm said. He will be succeeded as CEO by Gan Jiayue who will oversee the company’s day‑to‑day operations and will retain his executive director post. And Li Donghui will step down as vice‑chairman of Geely Auto but will remain an executive director.

“This management reshuffle reflects Li’s philosophy on corporate succession and represents Geely Holding’s declaration of moving away from family-led management,” Gui said at the earnings call.

“This marks Geely Auto’s transition from a startup and growth phase driven by its founder to a mature phase steered by institutions and teams,” Gui said. “The company will no longer rely on an individual’s charisma and authority, but rather on organizational systems and a pipeline of talent.”

Geely Auto’s net profit soared 46 percent in the first half from the same period last year to CNY9.6 billion (USD1.4 billion), while revenue surged 15 percent to hit an all-time high of CNY173.6 billion (USD25.5 billion), marking the sixth consecutive year of steady growth, according to the firm’s interim results. Core net profit margin stood at 5.6 percent, while the gross margin widened to 17.9 percent. Average revenue per vehicle jumped 16 percent year‑on‑year to CNY112,000 (USD16,494).

Editor: Kim Taylor