Nio, the China-based electric automaker, announced on Friday that Steven Wei Feng has resigned from his position as chief financial officer, citing personal reasons. Effective immediately, Feng’s departure marks a significant change in the company’s leadership.
Taking over as CFO is Stanley Yu Qu, an internal appointee with a strong background in finance and a deep understanding of Nio’s operations. Qu has been with the company since October 2016, previously serving as senior vice president of finance.
In his new role, Qu will navigate Nio through the challenges currently impacting the electric vehicle industry, including intense market competition and regulatory pressures affecting Chinese imports.
Reflecting on Qu’s extensive experience, prior to joining Nio, he held key financial roles at prominent firms such as Lear Corporation and Johnson Controls between 2013 and 2016. Qu also brings a decade of experience from his tenure at PwC, where he specialized in accounting.