(Yicai) Feb. 25 -- Chen Wei, the chairman of Chinese carmaker BAIC Motor, has resigned to pursue other opportunities.

Chen will no longer hold any positions at BAIC Motor, which also include a non-executive directorship, the Beijing-based company announced on Feb. 23. His resignation will take effect once the appointment of a new chairman is approved by shareholders, it added.

Wang Hao, who heads the automaker's Party committee, was proposed as a non-executive director at a board meeting, the company noted, without disclosing the name of any potential successor to Chen. But based on common practice, Wang is expected to take over as chairman after completing the necessary formalities.

Wang has nearly 15 years of experience in the auto industry. He has held several senior executive positions at Beijing Automotive Group, the parent firm of BAIC Motor, and other units, including deputy general manager of BAIC Group Industrial Investment and GM of BAIC BluePark Information Technology.

Net profit at BAIC Motor, one of China's largest state-owned carmakers, tumbled 23 percent to CNY3.1 billion (USD427.7 million) last year, while revenue fell 6.7 percent to CNY144 billion (USD19.9 billion), mainly due sales at auto joint ventures in China being heavily impacted by the emergence of local new energy brands.

BAIC Motor has four business segments: BAIC, Beijing Benz, Beijing Hyundai, and Fujian Benz. BAIC oversees the firm's own brand, while the other three operate JV brand businesses, with Beijing Benz accounting for most of its operating income.

Editors: Tang Shihua, Martin Kadiev