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China: Great Wall executives ousted amid poor performance

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China: Great Wall executives ousted amid poor performance

Underlining the broad recent history of Chinese local brands, due to a slump in sales while the overall pace of the industry has double-digit growth, the country’s biggest SUV producer has decided to replace three of its executives.

The China-based automaker said in a statement the changes were actually unrelated to the poor sales results, as they were made as part of a regular management rotation. Still, the three executives were not disclosed to what positions they were moving. The change affects Kang Guowang, leaving his post as head of local China sales; Xing Wenlin, who took care of the international retails and Liang Xinlu, that was in charge of components acquisitions.

“The market will keep speculating whether the executives were demoted or not,” said Cao He, a Beijing-based analyst with Minzu Securities Co. “Great Wall is facing the most difficult time it ever had with the delay of its H8 SUV and sluggish sales of its car models.”

While in 2013 the company’s shares gained in the Hong Kong stock exchange more than 75%, so far this year the automaker trades 33% lower, after in the first five of the six months of the year the sales were down and the carmaker also – for the second time – postponed the sales of its new Haval H8 sport utility vehicle.

Via Bloomberg

by Aurel Niculescu (my Google+) - Monday, June 23rd, 2014 - filed under Industry, News, Others. Image credit: .
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