China's CATL reshuffles management as billionaire executive exits

CHINA’S CATL said on Monday (Aug 1) that its vice-chairman and deputy general manager Huang Shilin had resigned and would leave the battery maker to explore business opportunities elsewhere.

The departure of the billionaire, who holds a near 11 per cent stake in CATL, comes amid a broader reshuffle that will also see Chairman Zeng Yuqun take over the general manager role from Zhou Jia, who has been appointed as vice-chairman, said the company in filings with the Shenzhen Stock Exchange late on Monday.

Huang will explore business opportunities in sectors including solar panels, energy storage and battery charging, CATL said in a separate statement to Reuters. He will continue promoting the development of new energy industry with potential synergies with CATL in the future, it added.

Huang is currently ranked 79th in Forbes Fortune List, with a net worth of more than US$20 billion. His stakeholding is second only to Zeng, whose net worth stood at US$45.6 billion as of Aug 1, according to Forbes’ calculations.

CATL, whose clients include Tesla Inc and Volkswagen, is the world’s largest battery maker.

Industry tracker SNE Research says the company has a share of more than 35 per cent of the booming global electric vehicle battery market, which is worth tens of billions of dollars a year.  REUTERS