TuSimple Holdings terminates CEO, shares hit all-time low

CreateAl Holdings

31/10/2022 14:02

(Updates)
    ** Shares of autonomous trucking firm TuSimple Holdings Inc
 TSP.O  fall as much as 43% to all-time low of $3.61
    ** Stock on course for worst day ever
    ** TSP says the board terminated CEO 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
    ** Stock has fallen ~89% this year
 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))