Baidu Inc (ADR) (NASDAQ:BIDU) stock took a hit today on news that Qi Lu will no longer be its COO.
The move will have Qi Lu stepping down as the COO of Baidu Inc. However, he will continue to remain with the company as the Vice Chairman of its Board of Directors. This change will take place in July.
Baidu Inc didn’t take time during the announcement to say who will be taking over as the new COO of the company once Qi steps down. It’s likely that we’ll see an announcement on this matter within the next couple of months.
“I have deeply enjoyed working with Robin and my team at Baidu. I’m honored to have participated in Baidu’s transition into an AI-first company,” Qi Lu said in a statement. “Due to personal and family reasons, I am no longer able to work in China on a full-time basis.”
Baidu Inc’s decision to step down as the COO of Baidu Inc comes after serving with the company for just a short period of time. He only just joined it as the COO last year.
Baidu Inc also announced another shift in roles during the same press release concerning Qi Lu’s decision to step down as its COO. The company says that Haifeng Wang has been promoted to the Senior Vice President and General Manager of its AI Group. He has been with the company in various roles since 2010.
BIDU stock was down 9% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.