Economy, Auto

Saipa CEO Replaced

Saipa CEO ReplacedSaipa CEO Replaced

The CEO of Saipa, Iran's second largest carmaker, has been replaced after three years, IRNA reported on Friday. Saeed Madani was replaced by Mehdi Jamali during a ceremony in Tehran. Madani's successor has formerly held positions as the CEO of Bank of Industry and Mine's leasing company, the Civil Servants Pension Organization and Iran Khodro Investment Company to name a few. The shock dismissal of the former Saipa head comes amidst large changes in the company's approach to the auto industry. Madani has been the CEO of Saipa Corp. since 2012 and oversaw the company's implementation of the Saipa Tiba, the group's 'replacement' for the much maligned Saipa Pride. Last week, the former head opened new production lines of the Brilliance H230 and H330 hatchback and sedan cars. Car forums are currently questioning the sudden change as part of the company's wider policy of preparing itself for greater cooperation with foreign automakers.