Israel Corporation (TASE: ILCO) joint venture Qoros with Chinese automaker Chery is undergoing a managerial shakeup due to its poor sales performance, "China Business News" reports.
Qoros chairman and CEO Guo Qian is being replaced by Chery deputy president and Jaguar Land Rover board chairman Chen Anning, and he will be joined by Shi Qingren, according to an internal document from Qoros’ HR department to its staff. According to "China Business News," the document also said that marketing and sales executive director Wei Sifan is leaving the company, with his position being replaced by former Geely official Sun Xiaodong.
Israel Corp., controlled by Idan Ofer, has invested $600 million in Qoros, which was established in 2007 and has injected $122 million into the venture since the start of 2014. With sales of the Qoros series of sedan cars slow to take off, Israel Corp. lost $137 million in the first half of 2014 on the venture, and an additional $95 million in the third quarter of 2014.
Published by Globes [online], Israel business news - www.globes-online.com - on December 21, 2014
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