TuSimple (NASDAQ:TSP) stock is on the move Monday as investors react to the company removing CEO Dr. Xiaodi Hou.
Let’s go over everything investors in TSP stock need to know about today’s news.
- The decision to remove Dr. Hou was made by the company’s Board of Directors.
- This has him no longer serving as the CEO, CTO, or president of TuSimple.
- In addition to that, the Board also removed Dr. Hou from his position as Chairman of the Board.
- He also no longer serves as a member of its Government Security Committee.
- All of this comes as Dr. Hou faces an investigation by the Audit Committee of the Board.
- The results of that investigation determined that TuSimple was in need of a new CEO.
- This has TuSimple Executive Vice President of Operations Dr. Ersin Yumer agreeing to serve as interim CEO.
- Lead Independent Director Brad Buss is taking over the role of Chairman of the Board.
- TuSimple has also hired Russell Reynolds Associates in its search for a new CEO.
Comments from TSP’s New Chairman
Buss said the following about TuSimple’s firing of its CEO:
“As we look ahead, I am delighted that Ersin has agreed to help us shepherd the Company through the next phases of its development. Transparency, good judgment and accountability are critical values to our Company. We take these values extremely seriously.”
TSP stock is seeing heavy trading with some 4 million shares on the move as of this writing. That’s well above its daily average trading volume of about 2.3 million shares. The company’s shares are also down 44.6% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.