The Chinese national, who was named as the company’s new CEO today following weeks of speculation, replaces Ahmad Fuaad Kenali who has since been named as CEO of Malakoff.
DRB Hicom and Zhejiang Geely (Geely) announced Li’s appointment at a joint press conference today.
“I would like to welcome Li, who brings over 30 years of experience with him,” said DRB Hicom group managing director Syed Faisal Akbar.
“We are confident we have the right man to steer Proton in the right direction.”
Previously, rumours were swirling that Li, the former deputy general manager of Dongfeng Honda Engine Co, would be named as Proton CEO to oversee its operations, after having joined Geely on Aug 22.
At the time, neither Geely nor Proton confirmed Li’s appointment as CEO of Proton.
Last month, International Trade and Industry Minister Mustapa Mohamed said the government had no issue with a non-Malaysian being appointed as chairman of Proton at the international level.
Geely owns a 49.9% stake in Proton since inking a RM460.3 million deal with Proton’s parent company, DRB-Hicom Bhd, earlier this year.
Under the agreement, Geely will lend expertise in the areas of production, manufacturing, operations and marketing to Proton.
As for Fuaad, it was recently reported that he would resign as CEO on Sept 30, after 18 months at the helm. He had previously served as chief operating officer and senior group director of DRB-Hicom.