As part of the shake-up effective August 18, Gan Jiayue will be appointed as CEO of the Hong Kong-listed subsidiary of Geely Holding, taking over An’s role.

Li, who founded Geely 40 years ago, has been appointed honorary chairman for life of Geely Auto, but the new role removes him from the company’s corporate governance structure.

The move will allow Li to devote more time to his other businesses and help with succession planning, the company said, adding that Li will continue to be a controlling shareholder in Geely Auto.

Li also will continue to serve as chairman of parent Zhejiang Geely Holding Group, indicating he will maintain oversight over his sprawling auto empire that includes the Volvo, Lotus, and Polestar brands.

Geely Auto also will get a new vice chairman and CEO.

Gui Shengyue will succeed Daniel Li as vice chairman. Daniel Li will remain an executive director at Geely Auto.

Gui, who was previously Geely Auto CEO, will be replaced by Gan Jiayue, who was previously an executive director with the automaker.

An’s appointment as chair marks a shift away from a family-centered management model.

“The company will no longer depend on individual charisma or authority, but instead on organizational systems and a structured talent pipeline,” Gui said, adding that the changes would support more professional decision-making.

Li said after the announcement that Geely would continue to pursue partnerships rather than build new manufacturing capacity abroad.

An said Geely Auto’s long-term goal was to generate two-thirds of its sales outside China. Another goal for the group is to have a 5 percent market share by 2030 “in each important region.”

An also confirmed that Volvo’s European factories will produce luxury models for other Geely-owned brands.

Volvo Cars CEO Hakan Samuelsson has offered the Swedish automaker’s European factories to build vehicles for Chinese sibling brands Geely, Zeekr and Lynk & Co, saying it would give them a faster, cheaper path into Europe than investing in new plants as stricter European Union investment rules loom.

Last month, Geely struck a deal with Ford to build electric SUVs at the U.S. automaker’s plant in Spain and jointly develop a vehicle for the European market.