Shares of Brilliance China Automotive Holdings Ltd. (HKG:1114) plummeted as much as 5.08% on Wednesday, following the surprise resignation of its long-serving Chairman Wu Xiao An.
In a filing with the Hong Kong stock exchange, the Chinese automaker announced that Wu had stepped down from his roles as executive director and chairman, effective immediately, due to "other commitments." The resignation came as a shock to investors, as Wu had been at the helm of Brilliance China Automotive for over a decade.
The leadership change has sparked concerns among shareholders about the company's future direction and strategy, especially as it navigates the highly competitive and rapidly evolving automotive industry. Analysts have highlighted the potential for short-term uncertainty and disruption during the transition period.
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