TuSimple co-founders back in charge following governance overhaul

TuSimple’s co-founder Chen Mo has gained control of the self-driving truck company after Hou Xiaodi, another co-founder and former chief executive, transferred the voting rights of his own shares to Chen, according to a securities filing on Tuesday. The move gives Chen voting power of 59% in the firm. The Nasdaq-listed company also announced that it has fired four independent directors, leaving Hou as the only remaining member of the company’s board. Meanwhile, interim CEO Ersin Yumer has been replaced by Cheng Lu, a former CEO of the company who held the role from late 2020 to March of this year. Hou was fired from his roles as chief executive and president on Oct. 31 by the company’s board of directors. The board claimed the company shared confidential information with US-based autonomous truck developer Hydron, a company with Chinese connections that was set up by Chen. [SEC filings]


Source: https://technode.com/2022/11/17/tusimple-co-founders-back-in-charge-following-governance-overhaul/