China-based electric automaker NIO said on Friday Steven Wei Feng has stepped down as its chief financial officer, effective immediately, citing personal reasons.
Feng joined NIO in November 2019, prior to which he was a managing director and head of the auto and auto parts research team at China International Capital Corporation (CICC).
Prior to CICC, Feng was an industry analyst at Everbright Securities from 2010 to 2013.
The board of directors has approved to promote Yu Qu as the new Chief Financial Officer, Yu Qu had joined the company in October 2016 and last served as a senior vice president of finance.
Qu is now tasked with steering the company’s finances through several challenges facing the electric vehicle industry such as a price war and tightened restrictions on Chinese imports.
Prior to joining NIO, Qu had held financial leadership roles at companies, including Lear Corporation and Johnson Controls, from 2013 to 2016. He had also worked at accounting firm PwC for a decade before joining NIO
Qu holds a Master’s degree in Accounting from Shanghai University of Finance and Economics and a Bachelor’s degree in Accounting from Peking University. The Board of Directors believes that Qu is a very competent and suitable candidate, NIO said.
U.S.-listed shares of NIO were down 2.5% in premarket trading.
