The chairman of Chinese carmaker BAIC Motor has resigned to pursue other work opportunities.

Chen Wei will no longer hold any positions at BAIC Motor, including chairman and non-executive director, the Beijing-based company announced on Feb. 23. The change will take effect after a new candidate for chairman is approved at a general meeting of shareholders, it added.

Wang Hao, the head of BAIC Motor's Party committee, was proposed as a non-executive director at a board meeting, the company noted, without disclosing a possible successor to the chairman post.

However, according to common practices, Wang is expected to take over as chairman after going through relevant appointment procedures.

Wang has nearly 15 years of work experience in the auto industry. He has held several senior executive positions at Beijing Automotive Group, the parent firm of BAIC Motor, and other units, including deputy general manager of BAIC Group Industrial Investment and GM of BAIC BluePark Information Technology.

BAIC Motor's net profit tumbled 23 percent to CNY3.1 billion (USD427.7 million) last year from the year before, while its revenue dropped 6.7 percent to CNY144 billion (USD19.9 billion) mainly due to joint venture brand vehicle sales in China being heavily impacted by the emergence of local new energy brands.

BAIC Motor has four business segments: BAIC, Beijing Benz, Beijing Hyundai, and Fujian Benz. BAIC oversees the firm's own brand, while the other three operate JV brand businesses, with Beijing Benz accounting for most of the operating income.