FAW’s new chairman ex-Dongfeng head
Print Edition
CHINA’S third-largest carmaker FAW yesterday named a new chairman, after its previous chief was formally put under investigation for corruption.
The FAW Group said Xu Ping will take over as the state-owned company’s chairman and Party chief, according to a statement. He moves over from China’s second-largest automaker Dongfeng Motor Corp.
Dongfeng said on Wednesday that Xu had stepped down, to be replaced by the chairman of FAW from 1999 to 2007, Zhu Yanfeng.
The Chinese government controls the management of major state-owned enterprises, with power to shuffle their heads.
FAW’s last Chairman Xu Jianyi was put under investigation by the Party’s graft watchdog in March for “severe” violations of discipline and the law, a phrase that refers to corruption.
FAW, originally known as First Automotive Works, sold over 3 million vehicles last year.
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