Aeolus Changes Its Chairman of the Board

Aeolus Tyres has announced significant personnel changes, including the replacement of the chairman of the board of the Chinese company. It is noted that the current chairman, Wang Feng, has submitted an application to leave all his posts in Aeolus and will no longer hold any positions in the company.

After discussion by the board of directors, Wang Jianjun was elected as the new chairman of the board, who will also replace Wang Feng as director of the nomination and remuneration committee, strategy committee, etc. The election of the new chairman of the board must be approved at a meeting of shareholders.

Chinese media note that under the leadership of Wang Feng, the company achieved significant growth in net profit and other financial indicators in 2023, however, he began to "shift his attention" to the activities of the parent holding company of the tire company - China National Tire & Rubber Co., Ltd. (ChemChina) in December 2022, becoming the chairman of its board of directors. He retains this position.

ChemChina is the controlling shareholder of both Aeolus and Pirelli and Prometeon Tyre Group (PTG).