This just in. DRB-Hicom and Geely Holding Group are having a joint press conference in Shah Alam this morning, and have announced the new board of Proton.

The unveiling of the composition of the board confirms previous reports and rumours – Li Chunrong is the new CEO of Perusahaan Otomobil Nasional Sdn Bhd (PONSB) replacing Datuk Ahmad Fuaad Kenali, who now heads independent power producer Malakoff. Sitting on the new board is Winfried Vahland, former Skoda chairman and CEO.

The holding company is Proton Holdings Berhad (PHB), and Datuk Seri Syed Faisal Albar remains as chairman. He is joined by Shaharul Farez and Amalanathan Thomas. Farez and Nathan are both DRB-Hicom nominees and part of the conglomerate’s senior management team. Geely has nominated Daniel Donghui Li (current executive VP and CFO of Geely) and Feng Qing Feng (group VP and CTO of the Hong Kong-listed Geely Auto) to the PHB board.

Under PHB’s ownership is Perusahaan Otomobil Nasional Sdn Bhd (PONSB), which is the “Proton” people usually refer to. PONSB is also chaired by Syed Faisal Albar, and PHB’s other board members also sit on PONSB’s board. PONSB’s two other board members are ex-Skoda man Winfried Vahland (a DRB-Hicom nominee) and Dr Nathan Yu Ning (Geely’s VP of international business).

The new CEO of PONSB is Li Chunrong, who replaces Datuk Ahmad Fuaad Kenali. Deputy CEO Radzaif Mohamed remains in his position.

“I was nominated by both DRB-Hicom and Geely Holding to turn Proton around and I believe the Malaysian car brand will soon be the number one domestic brand and a leading ASEAN brand. To make this vision happen, Proton now has access to the global synergies, expertise and financial support it needs from the Geely family. I firmly believe that Proton’s best days are ahead of it,” Li said.

DRB-Hicom and Geely hold 50.1% and 49.9% stakes in PHB. PONSB and Proton Edar are 100% subsidiaries of PHB. For all three entities, DRB-Hicom has one additional seat at board level; matching the 50.1% stake that it holds.

Part of the Definitive Agreement signed between DRB-Hicom and Geely is to ensure that the Chinese carmaker not only holds an investment in Proton, but also for it to lend expertise in the area of production, manufacturing, operations and marketing, namely in PONSB.

“PONSB is the bulk of the operations of Proton Group, and thus it is critical that we have the right person for the job,” Syed Faisal Albar was previously quoted as saying.