Amidst Rumors, Double Coin Chairman Ousted

Fan Xian has been replaced as chairman of Double Coin Holdings, one of China’s largest tyremakers and parent of China Manufacturers Alliance in the US. There have been a number of unconfirmed reports out of China that Fan had been “detained” and is under investigation by the government for unspecified reasons.

Liu Xunfeng was appointed to replace Fan, effective August 6, by the Shanghai Huayi Group, a government body that owns a 60 per cent share of Double Coin Holdings. Fan also served as vice president of Shanghai Huayi Group, and was replaced in that capacity, as well. Yue Chun Chen, general manager of Double Coin and president of its Shanghai radial truck tyre plant, will continue to manage the day-to-day affairs of the company and its global tire subsidiaries.

In a communiqué sent to CMA employees and key customers, CMA officials stated: “As expected, no changes in business strategy or policy for DCH or CMA will take place and we look forward to working with our new chairman.” CMA had no comment regarding reports of Fan’s status in China or any investigation involving him and his activities as chairman of DCH. (Tire Review/Akron)