Dr Li Chunrong appointed new CEO of Perusahaan Otomobil Nasional
SHAH ALAM: DRB-Hicom Bhd and Zhejiang Geely Holding Group Co Ltd (Geely) has appointed Dr Li C hun ron gas Per us a ha an O to mobil Nasional Sdn Bhd’s ( Proton) new chief executive officer ( CEO) effective Oct 1, 2017.
Li will succeed Datuk Ahmad Fuaad Kenali who will end his tenure today (Sept 30).
The newly appointed CEO, Li said that the challenge would not be easy but he was looking forward to what has been in store for him.
“I am appointed to turn around Proton and I believe Proton will be revived as the number one local brand in the country and a leading brand in Asean,” he said during a press conference yesterday.
DRB- Hicom Group managing director, Datuk Seri Syed Faisal Albar will remain as Proton Holdings Bhd chairman.
The other board members of Proton are Shaharul Farez Hassan and Amalanathan Thomas, both representing DRB- Hicom, and Daniel Donghui Li and Feng Qing Feng, both from Geely.
Meanwhile, the board members of P roton are Syed Faisal ( Chairman), Shaharul Farez, Amalanathan, Winfried Vahland, Daniel Li, Feng and Dr Nathan Yu Ning.
Apart from Vahland, the rest are also board members of Proton Edar Sdn Bhd, Proton’s whollyowned distribution outfit.
Meanwhile, Syed Faisal said it would not be an easy task to turn around Proton as the market is now more sophisticated and liberalised.
“The consumers today have a variety of choices, from Japanese to Korean and even European, besides local brands, that compete to get a piece of the 600,000-vehicle per year market,” he said.
He expressed hopes that with the strategic partnership with Geely, Proton would be able to challenge the market domestically and eventually rise in the ASEAN region.
“Proton today has at its disposal the global resources of Geely which encompasses technology and design capability in many countries.
“Together with Proton’s experience and knowledge, I am confident that Proton will rise to its glory once again,” he said.
In May this year, Geely, the owner of Sweden’s Volvo Car Group, had acquired a 49.9 per cent stake in Proton from DRB-Hicom.
KUCHING: DRB- Hicom Bhd ( DRB- Hicom) has announced that it has completed its proposed divestment of its stake in Proton Holdings Bhd (Proton) to Zhejiang Geely Holding Group Co Ltd ( Zhejiang Geely) for a total price of RM460.3 million.
In a filing to Bursa Malaysia, the group noted that it has completed its sale of 547 million shares or 49.9 per cent of its stake in Proton to Zhejiang.
It also announced that Proton has completed its divestment of 51 per cent shares in Lotus Advanced Technologies Sdn Bhd (Lotus) and 51 per cent preference shares in Lotus Cars Ltd (Lotus Cars) to Zhejiang Geely.
The remaining issued and preference shares in Lotus and Lotus Cars have been transferred to Etika Automotive Sdn Bhd (Etika).
I am appointed to turn around Proton and I believe Proton will be revived as the number one local brand in the country and a leading brand in Asean. Li Chunrong, Proton’s new chief executive officer
Lotus is now not an effective wholly-owned subsidiary company of DRB-Hicom.
According to the group, its equity interest in Proton is now reduced to 50.1 per cent while the remaining 49.9 per cent is now held by Geely International (Hong Kong) Ltd (a wholly-owned subsidiary of Zhejiang Geely).
Meanwhile, Bernama reported that DRB-Hicom and Zhejiang Geely has appointed Li Chunrong as Proton’s new chief executive officer (CEO) effective October 1, 2017.
It reported that Li would succeed Datuk Ahmad Fuaad Kenali who will end his tenure on September 30.
“I am appointed to turn around Proton and I believe Proton will be revived as the number one local brand in the country and a leading brand in Asean,” he told reporters at a press conference yesterday.