BAIC has changed its coach again.
On May 18, BAIC Motor Corporation Limited (BAIC motor, 1958. HK) announced that due to work adjustment, chairman Jiang Deyi had submitted a resignation statement to the board of directors on May 16, 2022 and would no longer concurrently serve as chairman, non-executive director, director of the strategy committee of the board of directors and director of the nomination committee. In view of the fact that the selection of the new chairman of the board still needs to follow the corresponding procedures, the aforesaid resignation shall take effect from the date when the company selects the new chairman of the board.
In the announcement, BAIC Motor said that the board of directors had proposed to appoint Chen Wei as the chairman of the company, the director of the strategy committee of the board of directors and the director of the nomination committee at the meeting on May 18. The term of office is from the date of approval by the general meeting of shareholders to the end of the term of office of the Fourth Board of directors.
In addition, it was also resolved to nominate Chen Wei as a non-executive director from the date of approval by the general meeting of shareholders to the end of the term of office of the Fourth Board of directors.
Chen Wei is now assistant to the general manager of BAIC Motor Corporation Limited, Secretary of the Party committee of BAIC Motor Corporation Limited and senior executive vice president of Beijing Benz Automobile Co., Ltd.
According to his resume, Chen Wei has nearly 30 years of experience in the automotive industry. Since 1994, he has successively worked in Beijing Jeep Automobile Co., Ltd., Beijing Benz Daimler Chrysler Automobile Co., Ltd., Beijing Benz Automobile Co., Ltd.
Jiang Deyi took over Xu Heyi as chairman of BAIC Motor Corporation Limited in 2020 and has been in office for only one and a half years.
Jiang Deyi, chairman of the board of directors and director of the Beijing Automobile strategy committee, has been nominated since October 27, 2020. Three months before that, Jiang Deyi had just “parachuted” from Bbmg Corporation(601992) to BAIC Group Co., Ltd. (hereinafter referred to as “BAIC group”) as party secretary and chairman.
According to his resume, since 1986, Jiang Deyi has successively worked in Beijing Liulihe Cement Plant and Beijing Bbmg Corporation(601992) Co., Ltd; From 2015 to 2020, he successively served as secretary of the Party committee of Beijing Bbmg Corporation(601992) (joint stock) company, chairman of Beijing Bbmg Corporation(601992) Co., Ltd., Secretary of the Party committee and chairman of Bbmg Corporation(601992) company; He has been the party secretary and chairman of BAIC group since July 2020.
In Bbmg Corporation(601992) , Jiang Deyi led the strategic reorganization of two leading cement enterprises in Jinyu and Eastern Hebei, making Jinyu cement a leader in the industry. However, during his one-and-a-half years as BAIC Motor Corporation, he failed to gain such a famous World War I. The independent brand, which has always been regarded as the strategic focus of BAIC Motor Corporation, has always been the role of “drag bottle”.
In 2021, when Jiang Deyi took office, BAIC Motor Corporation’s overall performance was acceptable, with an annual operating revenue of 175916 billion yuan, a year-on-year decrease of 0.6%; The gross profit was 37.643 billion yuan, a year-on-year decrease of 10.67%; The net profit was 15.151 billion yuan, a year-on-year increase of 16.95%. However, most of the revenue and net profit come from Beijing Benz. The contribution of Beijing brand, Beijing Hyundai and Fujian Benz in the other three business segments to the revenue is even less than 5%. The gross profit of Beijing brand has expanded from -3.666 billion yuan in 2020 to -4.513 billion yuan.
In the past two years, with the continuous decline of the sales volume of the independent brand Beijing brand, BAIC motor has become more and more dependent on Beijing Benz. According to the financial report data, in 2018 and 2019, Beijing Benz accounted for less than 90% of Beijing Automobile revenue. However, in 2020 and 2021, the proportion climbed to 95.89% and 95.48% respectively.
At the close on May 19, BAIC motor reported HK $2.44 per share.
