Didi co-founder Liu told associates she intends to step down: Report

Didi co-founder Liu told associates she intends to step down: Report
Didi Global Inc co-founder and President Jean Liu has told some close associates that she intends to step down, two sources familiar with the matter said, as the Chinese ride-hailing giant faces intense regulatory scrutiny following its New York listing earlier this year.
Liu, 43, has in recent weeks told some associates that she expected the government to eventually take control of Didi and appoint new management, said the two sources.
Liu, a former Goldman Sachs Group Inc banker, told a couple of executives close to her in recent weeks – including those who had followed her to join Didi from the Wall Street bank – that she planned to leave and encouraged them to start looking for new opportunities as well, said one of the sources who was briefed on the matter.
Some of those executives have since approached industry contacts for job leads, the source said.
Reuters was unable to learn further details, including whether Liu had submitted a formal resignation letter or set a date to leave.
Didi said it is “actively and fully cooperating with the cybersecurity review. Reuters’ rumors about management changes are untrue and unsubstantiated.”
Liu did not respond to Reuters request for comment sent via the company spokespersons.
Didi’s shares were recently down nearly 5% in U.S. trading on Monday. The benchmark S&P 500 index was recently off around 1.7% in a broader selloff fueled by worries over heavily indebted Chinese property company Evergrande.
Didi, sometimes dubbed the Uber of China, has come under intense scrutiny since early July by Chinese authorities over its collection and use of personal data of users of its service, pricing mechanisms and competitive practices.
Officials have launched a broad crackdown on private companies, including those in the tech sector, to control big data and break down monopolistic practices.
Billionaires minted by high-profile listings, such as Didi’s $4.4 billion debut, have fallen out of favor as President Xi Jinping warns against the country’s vast income inequality.
Didi ran afoul of the powerful Cyberspace Administration of China (CAC) when it pressed ahead with its debut on June 30, despite the regulator urging the company to put it on hold while it conducted a cybersecurity review of its data practices, according to people with knowledge of the matter.
Soon after the listing, the CAC announced an investigation into Didi and subsequently ordered the removal of its apps for download in China. Officials from at least six other departments also got involved.
Reuters could not learn whether regulators had asked for Liu’s departure and what would happen to other executives, such as Didi Chairman and CEO Will Cheng.
One of the sources familiar with Liu’s plans said the Harvard alumni and daughter of Lenovo Group founder Liu Chuanzhi had also talked about leaving Didi in the years before the current regulatory crisis to try her hand at something new.
CAC did not respond to Reuters request for comment, while Didi did not respond to specific questions.
Liu joined Didi in 2014. She holds a 1.6% stake, worth around $640 million currently, in the company and controls 23% of the vote, thanks to a dual-class share structure, according to the company’s prospectus.
She has been deeply involved in the company’s key corporate financial decisions, including its merger with Alibaba Group Holding Ltd-backed Kuaidi in 2015, takeover of Uber Technologies Inc’s China business and fundraising from investors including Apple Inc.
Liu also oversees Didi’s other corporate matters including human resources and represents the company in external communications especially during crises.

Internet Explorer Channel Network
News Related

OTHER NEWS

The Orionid Meteor Shower Peaks This Week—Here's How to Watch It Light up the Sky

© Haitong Yu – Getty Images Look up—or you just might miss the peak of October’s meteor shower. The annual Orionid meteor shower is well underway and will be visible ... Read more »

Is the Forza Horizon 5 VIP Membership DLC worth it?

© Provided by Windows Central Best answer: Yes, the Forza Horizon 5 VIP Membership DLC is a fantastic way to augment your FH5 experience at launch and beyond, with plenty ... Read more »

Pfizer's vaccine is 90% effective at preventing death from Delta

© Provided by Daily Mail MailOnline logo Pfizer-BioNTech’s COVID-19 vaccine is 90 percent effective at preventing death from the Delta variant, a new study finds. Researchers from the University of Edinburgh, ... Read more »

Two Decades Later, Heroes Of Might And Magic 3 Gets An Official Board Game

Heroes and Might and Magic 3 is a titan of its era, and it’s long overdue for a board game adaptation of its own. Ubisoft has granted an official license to ... Read more »

Kate and Prince William share romantic snaps from behind the scenes from Earthshot Prize

Kate and William during the Earthshot Prize awards. Alberto Pezzali/PA (PA Wire) The Duke and Duchess of Cambridge have shared a series of romantic, behind-the-scenes pictures of themselves at the ... Read more »

Terror suspect accused of killing Sir David Amess worked at top London hospital

CCTV shows man understood to be Sir David Amess murder suspect Ali Harbi Ali walking down a London street hours before the attack. Ali had previously received NHS training to ... Read more »

Best laptop for music production 2021: the ultimate workstations for musicians

The best laptop for music production is going to have all the tools you need and the power to run them whether you’re in the studio, on the road, or ... Read more »

Segway's ‘Mecha Kit' turns your transporter into a rolling turret

© Photo by Segway-Ninebot If you ever wanted to transform your self-balancing scooter into a mobile mini mech, now you can with Segway-Ninebot’s Mecha Kit add-on. The kit is compatible ... Read more »

21 Years Later, Heroes Of Might And Magic 3 Gets An Official Board Game

Heroes and Might and Magic 3 is a titan of its era, and it’s long overdue for a board game adaptation of its own. Ubisoft has granted an official license to ... Read more »

Russian opposition leader Navalny awarded top EU human rights award

© Provided by Washington Examiner The jailed Russian opposition leader Alexei Navalny won the European Union’s most prestigious human rights award on Wednesday. Navalny, 45, will not likely be able ... Read more »

Best laptop for DJs 2021: the best laptops for music production

Buying the best laptop for DJs is more than just getting one of the best laptops you can afford. There are a few specific things you’ll need for music production, ... Read more »

Free Chinese VPN exposed data from over a million users

Cybersecurity researchers have discovered unencrypted data of about a million users of Quickfox, a free virtual private network (VPN) service primarily used to access Chinese sites from outside of mainland ... Read more »

$1,000,000,000,000? Elon Musk could become the world's first trillionaire due to SpaceX

Elon Musk could become the world’s first trillionaire, according to a prediction made by investment firm Morgan Stanley. However, it won’t be from his highly successful electric vehicle company Tesla. ... Read more »

Child, 10, among miracle survivors of Texas plane crash

21 people, including 10-year old child, miraculously survive Texas plane crash – Godofredo A. Vásquez /Houston Chronicle A private plane crashed when taking off in Texas, with all 21 passengers ... Read more »

Best Destiny 2 builds, and how to make your own

© Provided by Windows Central Builds have become more relevant than ever before in Destiny 2. While Destiny 2’s sandbox has traditionally been a simple one that offers more width ... Read more »

Is the Forza Horizon 5 Premium Add-Ons Bundle DLC worth it?

© Provided by Windows Central Best answer: Yes, the Forza Horizon 5 Premium Add-Ons Bundle DLC is worth it for those who want the best experience in FH5, especially if ... Read more »

Google Calendar's 'focus time' can auto-block meeting requests

Excessive meetings were already a problem before the pandemic, and they’re even more of a problem as remote work enters the mainstream. How do you set aside time for your ... Read more »

Kim Cattrall and Sarah Jessica Parker feud addressed by Candace Bushnell

Sex and the City author Candace Bushnell has offered her take on the feud between actors Kim Cattrall and Sarah Jessica Parker. Cattrall has not joined Parker, Kristen Davis and ... Read more »

AMD Ryzen 'Rembrandt' APU specs spotted – and it may not top Alder Lake

AMD is hard at work designing its Zen 4 processor architecture, but before it arrives, there is still the matter of its Zen 3+ Rembrandt processors, a 6000-series APU line ... Read more »

ROBERT HARDMAN: Do we ask too much of Her Majesty?

© Provided by Daily Mail MailOnline logo The question is not a new one. In fact, it was being asked nearly four decades back: Are we asking too much of ... Read more »

Elon Musk's Boring Company gets green light for Las Vegas tunnel system

Elon Musk’s Boring Company just won approval from local officials to move forward with building a network of vehicle tunnels underneath Las Vegas. Dubbed the “Vegas Loop,” the system will ... Read more »

Best Buy Black Friday 2021 is here: Shop the top early buys on Samsung TVs, iPads and more

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission Best Buy’s early Black Friday sale is finally here. Right now, ... Read more »

Tesla posts a wildly profitable Q3 despite difficult car market

Despite a global pandemic and ongoing chip shortage, Tesla continues to make money hand over fist. The company reported on Wednesday that it had a net income of $1.62 billion ... Read more »

FDA clears boosters for Moderna and J&J COVID-19 vaccines

The Food and Drug Administration authorized booster doses for the Moderna and Johnson & Johnson COVID-19 vaccines, following its authorization of a third Pfizer / BioNTech shot in September. © ... Read more »

Egyptian authorities 'detain' robotic artist for 10 days over espionage fears

The robotic artist known as Ai-Da was scheduled to display her artwork alongside the great pyramids of Egypt on Thursday, though the show was nearly called off after both the ... Read more »

Google Docs sticks it to Microsoft Word with latest update

With the launch of smart canvas earlier this year, Google made collaborating while working online even simpler in Google Workspace as the feature allows users to bring together all of ... Read more »

Vaccines are 90% effective at preventing deaths from Delta variant, study says

Vaccination is 90% effective at preventing deaths from the Delta variant of Covid-19, according to recent research. The data, released by the University of Edinburgh, was gathered using a Scotland-wide ... Read more »

5 companies to recall over 19,000 vehicles over faulty parts

SEOUL, Oct. 21 (Yonhap) — Ford Sales & Service Korea, Hyundai Motor Co. and three other companies will voluntarily recall more than 19,000 vehicles to fix faulty components, the transport ... Read more »

Amazon Fire TV's news app expands free local coverage to a lot more places

Amazon announced today that it’s doubling the number of local stations it supports through its news app on Fire TV, meaning more users will be able to easily find local ... Read more »

Facebook might rebrand as a 'metaverse' company. What does that even mean?

Tech giant Facebook might be changing the company’s name, according to a Tuesday report from The Verge. The rebrand would cast the Facebook app as just one of many products ... Read more »

Activision Blizzard discrimination case shouldn't halt over agency feud, California argues in new court filing

After Activision Blizzard requested a stay in the discrimination case brought against it by the state of California, the California Department of Fair Employment and Housing (DFEH) has filed its ... Read more »

IBM misses Q3 earnings estimates

Yahoo Finance’s Dan Howley breaks down the numbers to know from IBM’s Q3 earnings report. Read more »

5 ways to protect your home, car and more from hail damage

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Between strong tropical storms and blazing heat waves, the U.S. has ... Read more »

Elon Musk could become the world's first trillionaire thanks to SpaceX, analysts predict

Elon Musk (AFP via Getty Images) Tesla Chief Executive Elon Musk is on course to become the world’s first trillionaire, analysts have predicted. Experts said Mr Musk – who is ... Read more »

Mexico: drug cartels recruiting youths through video games

MEXICO CITY (AP) — Drug cartels in Mexico are recruiting youths through contacts made on multiplayer online video games, officials said Wednesday. Ricardo Mejía, Mexico’s assistant public safety secretary, said ... Read more »

Five bodies have been found since Gabby Petito vanished and thrust missing people into spotlight

The bodies of at least five missing persons have been found amid the intense focus on Gabby Petito’s homicide and the disappearance of fugitive Brian Laundrie. Mr Laundrie has been ... Read more »

Rylan reassures fans 'he's good' after fears for his mental health

Rylan has reassured fans that he’s doing OK after a difficult year (Getty Images) Rylan has assured fans that he’s “doing good” following reports that he was being urged to ... Read more »

“This Is Peak Cricket” – Twitter On Fire As Virat Kohli Bowls Against Australia

Virat Kohli Virat Kohli was seen rolling his arms in the warm-up game against Australia as India’s hunt for the sixth bowling option continues ahead of the T20 World Cup. ... Read more »

Tesla bucks chip shortage woes with another profitable quarter

Tesla’s record third quarter brought its biggest three-month windfall ever, as the company announced Wednesday that it turned a $1.6 billion profit. That’s despite a global semiconductor shortage and delays ... Read more »

28 White Elephant gifts under $30 that won't get thrown away

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. So you decided to participate in Secret Santa this year, but ... Read more »