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BYD VP Yang Longzhong resigns

SHENZHEN – BYD recently announced that Yang Longzhong has resigned as a vice president of the company with effect from September 27, 2012 due to restructuring of the company’s business and personal reasons.

As one of the three founders of BYD, Yang has confirmed that he has no disagreement with the board and that there are no matters with respect to his resignation that need to be brought to the attention of the company’s shareholders.

Last August Yang sold 8.43 million A-shares of the company for more than ¥100 million ($15 million).

Yang’s departure follows that of Xia Zhibing, head of automobile sales, which took place in August 2011.

The Warren Buffett-backed BYD posted a 94 percent drop in earnings for the first half of the year. The company cited the economic slowdown and overall sluggish demand for domestic brands as the reasons behind the lackluster results.

The resignation indicates that BYD’s executives are not optimistic about the profit prospects in the long run, said China Business News.

 

 

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