Fuyao Group (short for “Fuyao Glass Industry Group Co., Ltd.“) said founder Cao Dewang has resigned as chairman as part of a governance restructuring. He remains on the board as lifetime honorary chairman and will continue to advise on strategy.
The board elected his son, Cao Hui, as chairman and legal representative, effective immediately. Fuyao said operations will not be affected. The company is the world’s largest automotive glass supplier, with about 34% global share and operations in 12 countries. [IThome, in Chinese]
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