Wang Feng, chairman of Aeolus Tire Co., Ltd., a leading tire manufacturer in China, submitted a letter of resignation to the board on March 15.
According to the announcement of the company, Wang asked to resign from being member and chairman of the board. He also requested to quit acting as director of the board’s strategic committee and members of the board’s nomination committee, salary and evaluation committee and the auditing committee.
Wang will keep the posts until the company selects a new board member at the general meeting of shareholders.
Aeolus Tire is of the six listed tire companies in the Chinese mainland. Its controlling shareholder is the China National Tire & Rubber Co.,Ltd., which acquired global tire giant Pirelli in 2015.
Currently, Pirelli and the tire subsidiary of the China National Tire & Rubber Co.,Ltd.are preparing for reorganization. Aeolus Tire has suspended trading on the A-share market over major asset restructuring since December 25, 2015.
In its announcement, the company said that Wang resigned over “job changes”, yetit remained unknown whether the “job changes” are related to the major asset restructuring move.
