On October 16th, Fuyao Group announced a personnel change with its 79-year-old founder, Cao Dewang, officially resigning as chairman, and his son, Cao Hui, taking over the position. Cao Hui immediately resigned as vice chairman and officially assumed the role of Chairman of the 11th Board of Directors and legal representative of the company.
In an interview with the media, Cao Dewang candidly explained his reasons for stepping down. He stated, “I am already eighty years old, it’s time to retire. Stepping down will benefit Fuyao by allowing the younger generation to take over.” He emphasized that this decision was made to create more room for development for the younger generation and also serves as a summary of his 50-year entrepreneurial journey.
According to reports from mainland media such as The Paper and China Business Network, Cao Dewang’s original term as chairman was supposed to end in January 2027, making this an early voluntary resignation. After confirming his good health in a medical check-up, he mentioned that he will seriously consider retirement when he turns 80 next year but for now will continue to monitor the company’s development.
Despite stepping down as chairman, Cao Dewang’s role has been adjusted but he has not completely disengaged. The Board of Directors has passed a resolution appointing him as Honorary Chairman for life. He will continue to contribute to the company’s strategic planning and long-term development as a member of the 11th Board of Directors and the Strategic Development Committee.
Cao Dewang emphasized that he has not reduced his shareholdings in the company, directly and indirectly holding 15.66% of Fuyao’s shares. This indicates that although he is stepping back from frontline management, he remains a key stakeholder in the company.
Furthermore, Cao Dewang explicitly stated that he will withdraw his involvement in university affairs and will not overly involve himself in the daily management of Fuyao Technology University, as this responsibility has been fully handed over to President Wang Shuguo.
Cao Hui, aged 54, is Cao Dewang’s eldest son and a graduate of the Beedie School of Business in the United States. His path to succession has not been without challenges. In 2006, Cao Hui assumed the role of general manager at Fuyao, setting a clear succession path. However, in July 2015, he suddenly submitted his resignation and announced his entrepreneurial journey, pursuing his personal career in the United States for 11 years.
The 11-year entrepreneurial experience has actually become a crucial test for Cao Hui. Cao Dewang adopted a rigorous training model for his son, similar to “never wanting to see him live comfortably.” According to Cao Dewang, Cao Hui has undergone training in positions such as the workshop, sales in Hong Kong, and the U.S. branch, spending approximately six years in each location.
In 1983, Cao Dewang took over a small town factory with only 18 workers that had been in continuous losses for six years. He managed to turn the losses into profits in 8 months, and eventually, this small factory evolved into the world’s largest professional automotive glass supplier.
After 2010, Fuyao successively established production and sales bases in 12 countries including the United States, Russia, Germany, Japan, and South Korea, developing into a large-scale multinational industrial group. Currently, the company holds nearly 34% of the global market share, with 61 subsidiaries and approximately 37,000 employees.