TuSimple Holdings terminates CEO, shares fall

CreateAl Holdings

31/10/2022 10:17

** Shares of autonomous trucking firm TuSimple Holdings Inc
 TSP.O  down ~16% before the bell and is set to open at an
all-time low of $5.28 
    ** Company says the board terminated Chief Executive Officer
Dr. Xiaodi Hou 
    ** Hou has been removed from his position as chairman of the
board and as a member of the Government Security Committee 
effective Oct. 30
    ** TSP's Executive Vice President of Operations Ersin Yumer
to serve as interim CEO while co searches for a new CEO
    ** Company says action taken in connection with an ongoing
investigation led by the board's audit committee that concluded
a change of CEO was necessary
    ** Up to Friday's close, stock had fallen ~82% this year
 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))