Cao Weibing served as deputy chief GAC Gonow personnel integration completed

In the third month after the completion of the acquisition, GAC officially initiated the personnel integration of Gonow Automotive. On February 17, Guangzhou Automobile Group confirmed to this reporter that Cao Weibing, former head of the investment department of GAC Group, had been the deputy general manager and chief financial officer of GAC Gio, focusing on cost control and financial management. Together with Zeng Qinghong, chairman of GAC Gio, and Li Wenying, executive deputy general manager in charge of manufacturing, GAC initially completed the construction of the Giau personnel integration framework.

The industry expects that with the new leadership team's confirmation, a top-down personnel reshuffle will follow.

On the website of the GAC Group, a message showed that “On January 23, 2011, GAO Xiaoshan Base of GAC held the 2010 Annual Summary and Commendation Conference. Qi Xuezhong, General Manager of GAC Automotive Co., Ltd., Deputy General Manager Li Wenying, and Chief Financial Officer Cao Weibing and other group leaders participated." At this point, Cao Weibing’s position at GAC Gio is the chief financial officer.

On the morning of February 16, Cao Weibing attended the first seminar of Guangqi Gonow Automotive Co., Ltd. in 2011 as deputy general manager of GAC. Chairman of GAC Gioo Zeng Qinghong, Deputy Chairman and General Manager Yan Xuezhong, Deputy General Manager Li Wenying, Deputy General Manager Yu Mingming, Cao Weibing, and Rui Guojun attended the New Year's "Demotype" Symposium.

Zhan Qinghong is the General Manager of Guangzhou Automobile Group and Guangwen Wen is the head of the former Guangqi Honda Production Department. In addition to Cao Weibing’s appointment, GAC Group’s “Three Musketeers”-style staffing structure was basically completed. .

Yan Xuezhong is the president of the original Gonow Group, and the other two deputy general managers Chu Ming and Yan Guojun were respectively Deputy General Manager of the Gonow Group and Vice President of the Gonow Automotive Research Institute. The number of people in the main leadership of GAC Gio has basically maintained a reciprocal pattern, which corresponds to the 51% and 49% of the shares held by the joint venture between GAC and GIO.

In his blog entitled “How We Do It After the Joint Venture”, Jiou Zhong, the chairman of Gio, once said: “At present, some of our team have a wait-and-see attitude, and some people’s hearts are unstable; some people worry about personnel. Will changes be made and efforts will not go down the drain? I can tell you very responsiblely: Waiting will not have a result. If you don’t work hard today, it is absolutely impossible for you to have a happy ending. In today’s Gio, there’s “yes” to give you a bit. The same is true in the future! I hope that every GIO will actively enter the core team of 'Guangzhou GIO'.

As early as last April, Zeng Qinghong, general manager of Guangzhou Automobile Group, stated that the GAC GIO joint venture will retain the management team of the original Gio Motors, and authorized GIO Automotive Chairman Yu Xuezhong to fully manage the joint venture company. The general manager system is fully authorized. On the day when GAC and Gio announced a joint venture, Mou Xuezhong once stated that he had done the worst and he could even abandon the general manager in the future, leaving only the single identities of shareholders and investors.

With GAC Goo's personnel adjustment program formally emerged, the two airline generals of the Guangzhou Automobile Group have already controlled the important departments of production and finance.

In the joint venture between GAC and GIO, the registered capital was 1.26 billion yuan. GAC Group invested 51% of the equity in cash, which means that GAC Cash invested approximately RMB 640 million. This is much lower than the GAC Group’s estimate that the GAC Group will invest RMB 3.3 billion in the acquisition of Gonow.

According to Gio’s insider, Gio currently only injects a portion of the assets and does not fully inject it. Later assets may be injected in batches. In terms of production and sales volume, GAC Gonow plans to sell 80,000 vehicles in 2011, which is expected to increase by 30% from 2010.

To this end, GAC Goal plans to invest more than RMB 1 billion in financing support in 2011. With the appointment of the new financial deputy chief Cao Weibing, how to manipulate the assets of GAC Gonow will attract people's attention.