TuSimple names new CEO, replaces ex-boss fired after probe into ties to Chinese firm

CreateAl Holdings

11/11/2022 08:06

Nov 11 (Reuters) - TuSimple Holdings Inc's  TSP.O 
former chief executive Cheng Lu is returning to the role, days
after the self-driving trucking company fired his predecessor
following an internal probe that showed some employees had ties
and shared information with a China-backed firm.
    San Diego, California-based TuSimple also announced late on
Thursday that it removed four independent directors and
appointed co-founder and major shareholder Mo Chen as executive
chairman of the board.
    The reshuffle follows an investigation by its board that
concluded that some of its employees spent paid hours last year
working for Hydron Inc, a startup working on autonomous trucks
mostly in China. 
    TuSimple said the investigation also found that confidential
information had been shared with Hydron that was not brought to
the attention of audit and government security committees. The
Chinese firm was being evaluated as a potential original
equipment manufacturer.
    "I'm returning as TuSimple's CEO with a sense of urgency to
put our company back on track," new CEO Lu said in a statement.
    Lu replaces Ersin Yumer, the vice president of operations
who has been serving as its interim CEO since the board fired
Hou on Oct. 31.
    In a statement after his firing, Xiaodi Hou denied any
wrongdoing and said the move was "without cause."
    Hou, 37, is a co-founder of TuSimple and had been at the
helm of the self-driving company since 2018 and led TuSimple
during its IPO.
 (Reporting by Akriti Sharma in Bengaluru
Editing by Tomasz Janowski)
 ((Akriti.Sharma@thomsonreuters.com;))