Shanghai (ZXZC)- Today, DRB-Hicom and Zhejiang Geely Holding held a joint media conference to announce new executive team for Proton. 98 days after the two companies signed agreement, Geely completed the deal to buy a 49.9 percent stake of Proton.

After weeks of speculation, Li Chunrong, who recently joined Geely from Dongfeng Honda, replaces Ahmad Fuaad Kenali as Proton’s new chief executive officer. Li will officially join Proton in October and will be responsible for Proton’s manufacturing, production, quality control, sales and marketing. Dato' Sri Syed Faisal Albar will continue to be President of Proton Holdings while Mohd Radzaif Mohamed will be vice CEO.

Li Donghui, Executive Vice President and CFO of Geely Holding, said that after searching for candidates in Malaysia and other countries, Li Chunrong is the most suitable one for this post. Li Chunrong, a 30-year veteran in auto industry, has worked as executives in many global auto brands, such as Honda, Kia, and Dongfeng.

The newly appointed CEO said, Geely and Proton will build in Malaysia top-grade products with Proton’s special DNA. The first product is expected to be a midsize SUV and will enter into the market at the end of 2018.

After the completion of the deal, Geely will have 49.9 percent stake of Proton and have management right while DRB-Hicom remains its controlling shareholder. Since Proton’s engines are only certified for Euro 4 emissions, Geely will provide conventional petrol engines and also electrified powertrains.

Geely’s CFO said, “We are committed to making Proton No.1 auto brand in Malaysia and among top 3 in the ASEAN market." According to the plan, Proton targets to be profitable by 2020.