China’s Geely appoints new chair of European business, replacing founder Eric Li
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China’s Geely appoints new chair of European business, replacing founder Eric Li
Danish business veteran Lone Fonss Schroder will take the helm at Geely Sweden Holding’s board. She replaces Li, also known as Li Shufu and Geely’s top shareholder, who will remain on the board. Li is also the chair of Volvo Cars, which has gone through major brand restructuring and executive changes. Geely Holding is the main owner of Volvo, Lotus and other auto brands. It is also China’s second-largest private company after state-owned Ping An Insurance.
Summary
Companies Lone Fonss Schroder appointed chair of Geely Sweden Holding
Eric Li, founder of Geely, remains on board.
Geely Holding have gone through major brand restructuring and executive changes
STOCKHOLM, June 27 (Reuters) – China’s Geely Holding (GEELY.UL), the main owner of Volvo Cars (VOLCARb.ST) , opens new tab , Lotus and other auto brands, has appointed a new board chair at its key European investment company to replace founder Eric Li, it said late on Thursday.
Danish business veteran Lone Fonss Schroder will take the helm at Geely Sweden Holding’s board, which oversees the Chinese group’s European businesses, Geely said in a statement.
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She replaces Li, also known as Li Shufu and Geely’s top shareholder, who will remain on the board. Li is also the chair of Volvo Cars.
“Schroder has been an active board member at Geely Sweden Holding for the past six years, playing an increasingly pivotal role in the group’s European business development,” a spokesperson for Geely Sweden told Reuters.
“Her appointment as chair of the board is a natural progression, enabling her to further collaborate closely with Geely Sweden’s management team, particularly as the group’s regionalisation grows in importance,” he said.
Last year, Li urged a greater strategic focus at Geely Holding to improve synergies and eliminate internal competition.
Schroder will step down from the board of Volvo Cars, where she has been a member since 2010, and instead take a seat on the automaker’s nomination committee in charge of board appointments.
Former Volvo Cars CEO Hakan Samuelsson was unexpectedly brought back to run Volvo in March at a turbulent time for the carmaker marked by tariff pressures and market uncertainty.
Reporting by Anna Ringstrom and Marie Mannes in Stockholm, Editing by Mark Potter
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China’s Geely appoints new chair of European business, replacing founder Eric Li
Danish business veteran Lone Fonss Schroder will take the helm at Geely Sweden Holding’s board. She replaces Li, also known as Li Shufu and Geely’s top shareholder, who will remain on the board. Li is also the chair of Volvo Cars, which has been hit by tariff pressures and market uncertainty. Last year, Li urged a greater strategic focus to improve synergies and eliminate internal competition at the Chinese group’s European businesses.
STOCKHOLM (Reuters) -China’s Geely Holding, the main owner of Volvo Cars, Lotus and other auto brands, has appointed a new board chair at its key European investment company to replace founder Eric Li, it said late on Thursday.
Danish business veteran Lone Fonss Schroder will take the helm at Geely Sweden Holding’s board, which oversees the Chinese group’s European businesses, Geely said in a statement.
She replaces Li, also known as Li Shufu and Geely’s top shareholder, who will remain on the board. Li is also the chair of Volvo Cars.
“Schroder has been an active board member at Geely Sweden Holding for the past six years, playing an increasingly pivotal role in the group’s European business development,” a spokesperson for Geely Sweden told Reuters.
“Her appointment as chair of the board is a natural progression, enabling her to further collaborate closely with Geely Sweden’s management team, particularly as the group’s regionalisation grows in importance,” he said.
Last year, Li urged a greater strategic focus at Geely Holding to improve synergies and eliminate internal competition.
So far, that has involved merging teams and restructuring some of its brands such as Zeekr, Geely Auto and Lynk & Co, as well as moving or axing executives and board members at Swedish brands Volvo Cars and Polestar.
Loss-making Polestar, where Li is majority owner via Geely Sweden and private holdings, will also replace two Geely board members at a June 30 shareholder meeting.
Schroder will step down from the board of Volvo Cars, where she has been a member since 2010, and instead take a seat on the automaker’s nomination committee in charge of board appointments.
Former Volvo Cars CEO Hakan Samuelsson was unexpectedly brought back to run Volvo in March at a turbulent time for the carmaker marked by tariff pressures and market uncertainty.
(Reporting by Anna Ringstrom and Marie Mannes in Stockholm, Editing by Mark Potter)
By Marie Mannes