China’s Aeolus Tyre Co. Ltd. has a new general manager, and will see a change at the chief financial officer position after a recent shake-up.
Tyres & Accessories in Europe is reporting that Zhang Xiaoxin was promoted to general manager in December 2014. He was previously deputy general manager. Another deputy general manager, CFO Guo Fengchun, resigned his position on Nov. 7, 2014.
The magazine said it was not known if Guo’s resignation was linked to the disciplinary action Aeolus Tyre faces for reportedly falsifying financial records in fiscal years 2011 and 2012.
In a Chinese-language statement submitted to the Shanghai Stock Exchange on Jan. 9, Aeolus Tyre Co. said that the China Securities Regulatory Commission fined the company for falsifying its financial results for those two years. The Commission began its investigation into the matter in 2013, and discovered multi-million yuan differences between the profits reported and those that actually were made.